CBRE Closes Sale of Ft. Lauderdale-Area Retail Asset
- May 19, 2017
CBRE completed the sale of a single-tenant retail property at 1582 E. Commercial Blvd. in Oakland Park, Fla. The 7,969-square-foot building is currently leased to Advance Auto Parts, an aftermarket car parts provider serving customers as well as professional installers. Caine Commercial Partners acquired the property for a little under $1.7 million.
The sales advisory team led by senior vice presidents David Donnellan and Mark Drazek, alongside Raymond Romano, first vice president, worked on behalf of the seller, East Com. The current tenant recently extended the lease for 10 more years, providing additional stability to the property’s income stream. Advance Auto Parts has been operating at the location for the past 25 years.
“Advance Auto is a highly sought-after tenant in the net leased investment sector due to their strong credit rating as well as the perception by investors that auto parts retailers are recession-proof,” said Donnellan, in a prepared statement.
CBRE Capital Markets’ Donnellan is based in Fort Lauderdale, Fla. and focuses on the disposition of multi-tenant shopping centers and single-tenant net leased investments in South Florida, while Drazek and Romano, both based in Orlando, Fla., focus mainly on transactions involving single-tenant net leased investments throughout the entire state.
Image courtesy of CBRE