InvestCore Commercial Closes Sale of Garland Retail Building
- May 06, 2016
Garland, Texas—InvestCore Commercial has recently completed the sale of a 4,315-square-foot retail property in Garland, Texas for $3.2 million. An out-of-state investor acquired the asset from Next Play Firewheel LLC in an all-cash, 1031 exchange.
Michael Campbell and Ed Colson, co-founders & principals of San Diego-based InvestCore Commercial, represented Next Play Firewheel in the transaction. The deal closed at a 4.25 percent cap rate.
Located at 200 Town Center Blvd., the building is triple-net leased to Panera Bread. The popular fast-casual bakery-café holds a 15-year ground lease, with three, five-year options to extend at the property. Rent schedules include increases of up to 7.32 percent.
“This property is a prime example of a core asset selling at a competitive cap rate,” Campbell said in a prepared statement. “There is still a large pool of investors seeking long-term security. The fast-casual restaurant segment in growing markets can provide the perfect opportunity for such an investment.”
Image courtesy of InvestCore Commercial