Jordan Shtulman, Principal of STREAM, commented about the sale that "the continued cap rate compression in the net lease market - particularly for high quality credit tenants under long term
triple net leases - enabled the seller to achieve a profit and avoid short term capital gains taxes.
9 million and entered into a 10-year
triple net lease with a third party operator that operated the property under a lease with the seller.
The fund will also buy UCHealth ER of Littleton, Colorado, a recently completed freestanding building fully leased to theUniversity of Colorado Health (UCHealth) on a 20 year
triple net lease with seven five-year renewal options.
Getty estimates that the acquisition and
triple net lease transaction will be accretive to its annual earnings in the amount of approximately $0.
The Lease is a
triple net lease and provides for the payment of base rent of approximately $530,000 in its first year, $705,000 in each of years two through five, $750,000 in each of years six through ten and $795,000 in each of years eleven through fifteen.
But there are some deals: Kunofsky completed a
triple net lease in a downtown retail condo for Chipotle, where the asking rent was $250 per s/f.
Getty also announced today that it has entered into an agreement to
triple net lease all 18 of the properties to Yellow Goose Markets, a leading convenience store operator in the region, effective upon the closing of the acquisition.
But the property had a particular quality that made it an appealing investment: a
triple net lease, in which the tenant pays property taxes, insurance and maintenance expenses, along with monthly rent, with 17 years remaining.
Each property is subject to a
triple net lease in which Beckman Coulter is obligated to pay rental payments with no setoff, abatement or reduction.
Currently, 696 West Avenue has a 17,000 s/f, 25-year
triple net lease with CVS and a 5,000 s/f double net lease with ShoeMart.
Upon closing of the acquisition, CapLease entered into a 20-year
triple net lease with Tiffany.
CapLease has also agreed to enter into a 20-year
triple net lease with Tiffany upon closing of the acquisition.
