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Firm expects to close more than $1 billion in single-tenant, net-leased sales in 2013
ORLANDO, Aug. 5, 2013 — On behalf of Consolidated-Tomoka Land Co., Jones Lang LaSalle’s Capital Markets experts today announced the firm has completed the sale of a freestanding Walgreens located in the Orlando submarket of Kissimmee, Florida for $3.4 million. The Walgreens property operates on a NN lease with six years of remaining lease term.
Managing Director Guy Ponticiello and Associate Matt Berres led the Jones Lang LaSalle team on this transaction.
“This sale represented an attractive opportunity for an investor to acquire an asset backed by an investment grade tenant in a strong, primary market within a major retail corridor. Current investors in the marketplace value the secure cash flow of investment grade credit properties, notably drug stores,” said Berres.
“In the past, Walgreens was developing, on average, 500 stores per year and now you see them with a target number of around 150. Significant demand for the brand new stores coupled with a constrained supply, has forced investors to seek out stores with seasoned leases. We have witnessed approximately 75 basis points of cap rate compression over the past 12 months in the shorter term leases,” added Berres.
In the past 12 months, Jones Lang LaSalle has closed more than $500 million of single-tenant, net-leased properties across the country, making the firm the nation’s leading seller of such properties. In addition, JLL has nearly $750 million in single tenant net lease offerings currently in the market.
“The ability for sellers and occupiers to capture strong pricing due to the attractive, low cap rate environment is continuing to be a motivating force and we expect a significant amount of new offerings to hit the market in the second half of the year,” concluded Ponticiello.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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