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Fall 2013
National Automotive Retail Credit Rating Concept Credit Rating Typical Footprint MIN SF 6,000 5,000 7,000 20,000 7,000 1,000 4,000 4,000 6,000 5,000 3,000 3,000 MAX SF 8,000 8,000 9,000 40,000 8,000 2,500 6,000 9,000 9,000 10,000 6,000 6,000 15 Years 15 Years 15 Years 20 Years 10 Years 10 Years 10 Years 20 Years 20 Years 15 Years 10 Years 10 Years Typical Lease Term
National Dollar Store Credit Rating Concept Credit Rating Typical Footprint MIN SF 99 Cents Only Dollar General Dollar Tree Family Dollar C2 B1 A2 B1 15,000 9,000 8,000 8,000 MAX SF 20,000 12,000 15,000 10,000 10 Years 15 Years 10 Years 10 Years Typical Lease Term
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National Box Users Credit Rating Junior Boxes (20,000 SF - 39,999 SF) Concept Credit Rating Typical Footprint MIN SF 24 Hour Fitness Alco Aldi Ashley Furniture Bed Bath & Beyond Best Buy Big Lots DSW Fresh Market Gold's Gym HH Gregg LA Fitness Marshall's Michael's Nordstrom Rack Ofce Depot/ Ofce Max Orscheln Farm & House PetSmart Planet Fitness REI Ross Dress for Less Safeway Sprouts Farmers Markets Staples TJ Maxx Tractor Supply Trader Joe's B E1 NR NR BBB+ C1 B2 A2 A2 NR B2 NR A B AC2 NR BB+ NR B2 B1 C1 B2 B2 B1 B2 NR 15,000 25,000 15,000 30,000 20,000 30,000 25,000 18,000 18,000 10,000 25,000 35,000 30,000 15,000 35,000 20,000 25,000 12,000 18,000 20,000 25,000 45,000 20,000 10,000 25,000 20,000 15,000 MAX SF 25,000 30,000 20,000 40,000 40,000 40,000 35,000 23,000 25,000 45,000 45,000 45,000 35,000 25,000 45,000 25,000 45,000 20,000 27,000 25,000 35,000 90,000 30,000 20,000 35,000 27,000 20,000 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 15 Years 10 Years 15 Years 15 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 10 Years 20 Years 10 Years 10 Years 10 Years 15 Years 15 Years Typical Lease Term
National Box Users Credit Rating Mid Boxes (40,000 SF - 79,999 SF) Concept Credit Rating Typical Footprint MIN SF Academy Sports Burlington Coat Factory Dick's Sporting Goods Giant Eagle Harris Teeter Hobby Lobby Kohl's Kroger Marsh Piggly Wiggly Price Chopper Publix Roundy's Schnuck's Sports Authority Stater Brothers Whole Foods Winn Dixie C2 BA1 NR B1 A B2 B1 E2 NR NR A2 D2 NR BD1 A1 NR 65,000 60,000 50,000 50,000 30,000 50,000 65,000 50,000 45,000 25,000 30,000 30,000 50,000 45,000 40,000 40,000 35,000 40,000 MAX SF 73,000 80,000 80,000 70,000 60,000 70,000 90,000 75,000 65,000 65,000 60,000 60,000 70,000 55,000 50,000 50,000 40,000 50,000 20 Years 10 Years 10 Years 20 Years 20 Years 15 Years 20 Years 20 Years 20 Years 20 Years 20 Years 20 Years 20 Years 20 Years 10 Years 20 Years 20 Years 20 Years Typical Lease Term
National Box Users Credit Rating Mega Boxes (80,000 SF or more) Concept Credit Rating Typical Footprint MIN SF BJ's Wholesale Club Cabela's Costco Home Depot Lifetime Fitness Lowe's Meijer Menards Sam's Club Target Walmart Wegman's B A2 B1 A2 NR B1 NR NR AA B1 A2 BBB+ 85,000 100,000 145,000 100,000 100,000 100,000 180,000 100,000 120,000 85,000 125,000 120,000 MAX SF 125,000 125,000 160,000 110,000 125,000 120,000 210,000 130,000 150,000 150,000 160,000 140,000 20 Years 20 Years 20 Years 20 Years 10 Years 20 Years 20 Years 20 Years 20 Years 20 Years 20 Years 20 Years Typical Lease Term
Rite Aid
New York, NY Price: $6,500,000 Cap Rate: 6.0%
Walgreens
North Miami, FL Price: $11,000,000 Cap Rate: 6.0%
Walgreens
Los Angeles, CA Price: $13,600,000 Cap Rate: 5.3%
Cap Rate
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
Single Tenant Lease Single Tenant Net Net Lease Investment Overview 2013 Investment Overview Fall Fall 2013
National Single Tenant Drug Store Market US Northeast Region Select Major Sale Transactions Property CVS Walgreens Rite Aid Walgreens Rite Aid CVS CVS Rite Aid Rite Aid Rite Aid 1075 Broadway Street, Saugus, MA 30 W Ridge Pike, Limerick, PA 4900 Broadway, New York, NY 1093 N. Main Street, Dayville, CT 869 2nd Avenue, Troy, NY 3016 Route 940, Mount Pocono, PA 1321 Allegheny Street, Jersey Shore, PA 331 Main Street, Nashua, NH 2501 Saw Mill Boulevard, Pittsburgh, PA 78 N. Broad Street, Norwich, NY Total SF 14,693 14,820 9,200 14,820 14,673 13,225 10,125 15,086 10,908 10,908 Sale Date 02/2013 05/2013 05/2013 02/2013 05/2013 09/2013 03/2013 02/2013 01/2013 01/2013 Sale Price $9,361,000 $7,000,000 $6,500,000 $6,420,000 $6,175,000 $5,100,000 $3,800,000 $3,262,533 $3,139,752 $2,555,000 Price PSF $637 $472 $707 $433 $421 $386 $375 $216 $288 $234 Cap Rate 6.9% 6.4% 6.0% 6.0% 8.9% 7.1% 6.7% 8.5% 10.9% 9.0%
National Single Tenant Drug Store Market US Southern Region Select Major Sale Transactions Property Walgreens Walgreens CVS CVS Walgreens Walgreens Walgreens CVS CVS Rite Aid 15050 Biscayne Boulevard, North Miami, FL 3188 Highway 278 NW, Covington, GA 4001 W. William Cannon Drive, Austin, TX 10000 Jefferson Davis Parkway, Fredericksburg, VA 231 E. Dixon Boulevard, Shelby, NC 3028 Clairmont Avenue, Birmingham, AL 2427 Springs Road NE, Hickory, NC 24795 Pinebrook Road, Chantilly, VA 1820 US Highway 1, Rockledge, FL 2005 Maple Street, Rome, GA Total SF 14,550 14,820 12,900 12,900 14,820 13,076 14,820 12,840 11,970 14,673 Sale Date 03/2013 02/2013 07/2013 02/2013 06/2013 04/2013 02/2013 08/2013 06/2013 06/2013 Sale Price $11,000,000 $8,075,000 $7,429,250 $6,970,000 $6,875,100 $6,829,270 $6,796,875 $6,700,000 $6,700,000 $5,152,100 Price PSF $756 $545 $576 $540 $464 $522 $459 $522 $560 $351 Cap Rate 6.0% 6.3% 5.2% 6.5% 5.9% 5.8% 6.4% 5.8% 6.0% 8.0%
National Single Tenant Drug Store Market US Midwest Region Select Major Sale Transactions Property Walgreens Walgreens CVS Walgreens Walgreens Walgreens Rite Aid Walgreens Walgreens CVS 1050 Waukegan Road, Northbrook, IL 1145 Main Street, Antioch, IL 14575 Mundy Drive, Noblesville, IN 985 N. Arlington Avenue, Indianapolis, IN 7045 S. Pulaski Rd, Chicago, IL 419 E. Michigan Avenue, Ypsilanti, MI 3362 Navarre Avenue, Oregon, OH 6320 E. Main Street, Reynoldsburg, OH 7864 Hamilton Avenue, Cincinnati, OH 30920 A Southeld Road, Southeld, MI Total SF 14,500 14,820 12,900 14,490 12,329 13,650 14,565 15,120 17,110 13,314 Sale Date 05/2013 03/2013 01/2013 04/2013 09/2013 01/2013 06/2013 06/2013 05/2013 06/2013 Sale Price $11,779,661 $8,607,231 $8,465,603 $7,517,355 $6,000,000 $5,600,000 $5,585,000 $5,400,000 $5,097,744 $4,758,000 Price PSF $812 $581 $656 $519 $487 $410 $383 $357 $298 $357 Cap Rate 5.9% 6.7% 6.1% 6.1% 6.8% 6.4% 8.5% 7.9% 6.7% 5.9%
National Single Tenant Drug Store Market US West Region Select Major Sale Transactions Property Walgreens Walgreens Walgreens Walgreens CVS Walgreens Rite Aid Walgreens Rite Aid Walgreens 1050 N. Highlands Avenue, Los Angeles, CA 718 91st Street, Lake Stevens, WA 9800 S. Estrella Parkway, Goodyear, AZ 495 E. Holt Avenue, Pomona, CA 4990 S. Arizona Avenue, Chandler, AZ 28516 N. El Mirage Road, Peoria, AZ 39155 Washington Street, Palm Desert, CA 750 N. Virginia Street, Reno, NV 17615 140th Ave SE, Renton, WA 10601 E. Alameda Avenue, Aurora, CO Total SF 13,387 15,361 14,820 13,680 13,013 14,820 17,272 15,067 16,280 14,783 Sale Date 05/2013 04/2013 06/2013 04/2013 07/2013 03/2013 08/2013 08/2013 07/2013 10/2013 Sale Price $13,600,000 $9,294,605 $9,094,000 $8,250,000 $7,913,500 $7,600,000 $7,150,000 $6,500,000 $6,645,000 $5,833,800 Price PSF $1,016 $605 $614 $603 $608 $513 $414 $431 $408 $395 Cap Rate 5.3% 6.0% 5.8% 5.9% 6.0% 6.3% 7.3% 6.0% 8.4% 6.0%
McDonalds
Melville, NY Price: $3,025,000 Cap Rate: 4.4%
Taco Bell
Pensacola, FL Price: $2,700,000 Cap Rate: 6.5%
Carls Jr.
Redondo Beach, CA Price: $3,200,000 Cap Rate: 4.5%
$300
5% 4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 $250 $200
Cap Rate
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
National Single Tenant Fast Food Market US Northeast Region Select Major Sale Transactions Property McDonald's Taco Bell Burger King Taco Bell Chipotle McDonald's Five Guys Burgers & Fries Burger King Taco Bell KFC 729 Walt Whitman Road, Melville, NY 1050 2nd Street, Manchester, NH 133 Macy Street, Amexbury, MA 13609 Crayton Boulevard, Hagerstown, MD 3580 Horizon Boulevard, Trevose, PA 174 Hoosick St, Troy, NY 720 Loucks Rd, York, PA 330 Pompton Avenue, Cedar Grove, NJ 1922 Empire Boulevard, Webster, NY 451 Foxon Boulevard, New Haven, CT Total SF 2,317 3,378 4,873 2,675 2,193 3,915 2,715 2,307 2,220 2841 Sale Date 03/2013 02/2013 07/2013 08/2013 03/2013 01/2013 04/2013 05/2013 06/2013 06/2013 Sale Price $3,025,000 $2,297,800 $2,234,394 $1,824,795 $1,800,000 $1,579,411 $1,385,000 $995,000 $700,000 $625,000 Price PSF $1,306 $680 $459 $682 $821 $403 $510 $431 $315 $220 Cap Rate 4.4% N/A N/A 6.6% 5.5% 4.1% 5.6% 6.0% 8.1% 4.6%
National Single Tenant Fast Food Market US Southern Region Select Major Sale Transactions Property McDonald's Taco Bell McDonald's McDonald's McDonald's Bojangle's Wendy's Hardee's Jack in the Box Wendy's 1302 W. Fairbanks Avenue, Winter Park, FL 305 S. New Warrington Road, Pensacola, FL 1473 Hudson Bridge Road, Stockbridge, GA 822 Highway 17 N., Little River, SC 9414 W. Northlake West Drive, Charlotte, NC 7897 E. Brainerd Road, Chattanooga, TN 4849 Bill Gardner Parkway, Locust Grove, GA 4360 Atlanta Highway, Loganville, GA 1765 W. Mount Houston Road, Houston, TX 365 W. 78th Road, Hialeah, FL Total SF 4,150 2,782 4,504 4,623 4,300 3,808 3,300 2,726 2,900 3,183 Sale Date 04/2013 06/2013 05/2013 06/2013 08/2013 07/2013 02/2013 06/2013 02/2013 07/2013 Sale Price $2,926,800 $2,700,000 $2,555,000 $2,385,000 $2,320,000 $2,150,000 $2,020,000 $2,016,000 $1,975,000 $1,845,000 Price PSF $705 $971 $567 $516 $540 $565 $612 $740 $681 $580 Cap Rate 4.1% 6.5% 4.5% 4.2% 4.5% 7.8% 7.2% 6.3% 6.5% 6.1%
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Single Single Tenant Tenant Net Net Lease Lease Investment Investment Overview Overview Fall Fall 2013 2013
National Single Tenant Fast Food Market US Midwest Region Select Major Sale Transactions Property Burger King Wendy's Culver's Wendy's Hardee's/Green Burrito Burger King Arby's Burger King McDonald's McDonald's 3141 S. Ashland Boulevard, Chicago, IL 1202 S. Jeffers Street, North Platte, NE 501 Pingree Road, Crystal Lake, IL 3140 S. Rochester Road, Rochester Hills, MI 4201 S. 11-159, Glen Carbon, IL 1255 N. 21st Street, Newark, OH 1501 E. Morgan Street, Kokomo, IN 1510 N. Bridge Street, Yorkville, IL 630 N. Route 83, Bensenville, IL 1617 Bartlett Avenue, Evansville, IN Total SF 2,897 2,640 4,587 2,915 2,505 3,500 3,276 2,500 3,503 3,900 Sale Date 07/2013 01/2013 01/2013 07/2013 07/2013 06/2013 04/2013 05/2013 07/2013 02/2013 Sale Price $2,300,000 $2,062,000 $1,990,000 $1,748,500 $1,654,736 $1,610,000 $1,494,212 $1,400,000 $1,395,000 $1,200,000 Price PSF $794 $781 $434 $600 $661 $460 $456 $560 $398 $308 Cap Rate 6.5% 7.9% 10.7% 8.0% 6.3% 5.3% 8.5% N/A 5.3% 4.7%
National Single Tenant Fast Food Market US West Region Select Major Sale Transactions Property Carl's Jr. Burger King Carl's Jr./Green Burrito Jack in the Box Burger King Jack in the Box McDonald's Chipotle Carl's Jr. Wendy's 2100 Artesia Boulevard, Redondo Beach, CA 1964 N. Broadway, Santa Maria, CA 222 N. Euclid Street, Fullerton, CA 1191 S. Mt. Vernon Avenue, Colton, CA 6401 Balboa Avenue, San Diego, CA 770 Ramona Expressway, San Jacinto, CA 8556 Blue Diamond Road, Las Vegas, NV 1525 S. Yuma Palms Parkway, Yuma, AZ 2211 S. Havana Street, Aurora, CO 1127 E. Florence Boulevard, Casa Grande, AZ Total SF 2,739 2,408 7,348 2,600 4,078 2,850 3,736 4,200 3,024 2,500 Sale Date 02/2013 06/2013 02/2013 09/2013 04/2013 05/2013 10/2013 04/2013 02/2013 08/2013 Sale Price $3,200,000 $2,946,828 $2,710,000 $2,455,000 $2,330,000 $2,250,000 $2,183,908 $2,040,000 $1,750,000 $1,043,500 Price PSF $1,168 $1,224 $369 $944 $571 $789 $585 $486 $579 $417 Cap Rate 4.5% 5.1% 4.5% 5.5% 4.9% 5.1% 4.4% 7.2% 6.5% 5.8%
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Dollar General
Manchester, NH Price: $1,895,000 Cap Rate: 7.4%
Dollar General
Fort Myers, FL Price: $1,956,603 Cap Rate: 7.0%
8%
$175
$150 7% $125 6%
Dollar Tree
Inglewood, CA Price: $3,525,000 Cap Rate: 6.3%
www.cassidyturley.com
$100
$75
Cap Rate
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
13
Single Tenant Lease Single Tenant Net Net Lease Investment Overview 2013 Investment Overview Fall Fall 2013
National Single Tenant Dollar Store Market US Northeast Region Select Major Sale Transactions Property Dollar General Dollar General Dollar General Dollar General Family Dollar Dollar General Dollar General 116 E. Center St, Manchester, CT 233 S. Bohemia Ave, Cecilton, MD 1406 N. High St, Millville, NJ 4402 State Route 981, Avonmore, PA 4269 US Highway 11, De Kalb Junction, NY 557 Broad St, Waverly, NY 41 W. Main Street, Fonda, NY Total SF 12,000 12,382 8,640 9,100 8,000 9,100 6,494 Sale Date 08/2013 01/2013 05/2013 02/2013 02/2013 01/2013 08/2013 Sale Price $1,895,000 $1,735,000 $1,360,000 $1,276,000 $1,042,700 $640,000 $590,000 Price PSF $158 $140 $157 $140 $130 $70 $91 Cap Rate 7.4% 7.4% 8.0% 7.2% 8.3% 8.4% 9.7%
National Single Tenant Dollar Store Market US Southern Region Select Major Sale Transactions Property Dollar General Fred's Super Dollar Dollar General Family Dollar Dollar General Dollar General Dollar General Family Dollar Dollar General Family Dollar 3409 Dr. Martin Luther King Blvd, Fort Myers, FL 5590 Barksdale Blvd, Bossier City, LA 2331 N. Highway 231, Panama City, FL 951 Doyle Rd, Deltona, FL 15449 O'Neal Rd, Gulfport, MS 6134 Broad St, Douglasville, GA 13807 N. Main Street, Jacksonville, FL 2711 Getwell Rd, Memphis, TN 9940 Route 643, Hurley, VA 10747 Homestead Rd, Houston, TX Total SF 9,100 16,799 9,100 9,600 9,100 9,100 9,026 8,320 12,480 8,320 Sale Date 06/2013 06/2013 07/2013 05/2013 09/2013 04/2013 04/2013 01/2013 05/2013 04/2013 Sale Price $1,956,603 $1,920,000 $1,897,230 $1,700,000 $1,663,752 $1,570,000 $1,546,730 $1,495,954 $1,482,581 $1,477,311 Price PSF $215 $114 $208 $177 $183 $173 $171 $180 $119 $178 Cap Rate 7.0% 9.0% 6.5% 7.8% 7.0% 7.0% 6.7% 8.5% 7.0% 8.1%
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National Single Tenant Dollar Store Market US Midwest Region Select Major Sale Transactions Property Family Dollar Family Dollar Family Dollar Dollar General Dollar General Dollar General Dollar General Family Dollar Family Dollar Dollar General 12299 S. Pulaski St, Alsip, IL 37040 Green St, New Baltimore, MI 225 W. Main St, Crosby, MN 226 S. Somonauk Rd, Cortland, IL 811 E. McDevitt Avenue, Jackson, MI 24199 1st Ave, Siren, WI 1001 W. Walnut Ave, Frankfort, IN 8154 Main St, Birch Run, MI 1432 S. Main St, Rockford, IL 12421 Hayes Street, Detroit, MI Total SF 8,222 8,000 9,500 8,833 9,000 9,026 9,014 9,500 9,180 13,478 Sale Date 04/2013 06/2013 07/2013 01/2013 08/2013 08/2013 02/2013 07/2013 08/2013 08/2013 Sale Price $1,800,000 $1,519,000 $1,150,112 $1,120,000 $1,106,000 $1,105,000 $962,000 $958,878 $855,000 $841,500 Price PSF $219 $190 $121 $127 $123 $122 $107 $101 $93 $62 Cap Rate 9.6% 7.7% 8.0% 7.1% 8.0% 7.7% 8.0% 8.0% 9.6% 8.9%
National Single Tenant Dollar Store Market US West Region Select Major Sale Transactions Property Dollar Tree Dollar General Dollar Tree Dollar General Family Dollar Dollar General Family Dollar Family Dollar Family Dollar Family Dollar 811 N. La Brea Ave, Inglewood, CA 5090 S. Maryland Pkwy, Las Vegas, NV 1895 Howe Ave, Sacramento, CA 1335 W. Ajo Way, Tucson, AZ 5167 E. Belmont Ave, Fresno, CA 1742 N. Ruthrauff Rd, Tucson, AZ 300 N. Village Wy, Dewey, AZ 1685 E. Cottonwood St, Cottonwood, AZ 4915 E. Desert Inn Rd, Las Vegas, NV 347 W. Carr Ave, Cripple Creek, CO Total SF 12,221 12,380 12,928 9,100 8,320 9,100 8,320 9,180 10,187 8,050 Sale Date 05/2013 10/2013 04/2013 05/2013 04/2013 06/2013 05/2013 07/2013 04/2013 04/2013 Sale Price $3,525,000 $3,267,815 $2,350,000 $1,790,000 $1,620,000 $1,587,000 $1,422,000 $1,410,000 $1,206,000 $1,003,000 Price PSF $288 $264 $182 $197 $195 $174 $171 $154 $118 $125 Cap Rate 6.3% 6.0% 6.9% 6.8% 6.9% 7.2% 7.9% 8.5% 7.8% 8.0%
www.cassidyturley.com
15
Pep Boys
Nashua, NH Sale Price: Cap Rate:
Because automotive leases tend to be shorter in length than the ones we see for drug stores or fast foodtypically averaging 10 to 15-year terms, depending on the userwe see slightly higher cap rates in general for this asset class. The gold standard for single-tenant automotive investment deals remain corporate leases to strong, national credit players like Jiffy Lube, Firestone, OReilly Automotive and Pep Boys. This is assuming, of course, that the location itself is a strong asset and that there is a long-term lease in place. Regardless, we continue to see strong investor demand even for properties leased by weaker credit tenants assuming other positive attributes are in place.
Firestone
Baltimore, MD Sale Price: Cap Rate: $3,800,000 6.8%
Cap rates will likely increase by the nal half of 2014 as interest rates rise, however, continued intense competition for single-tenant automotive retail opportunities will mean less of an uptick for these propertiesparticularly rst-tier options.
$250
$150
Meineke
Costa Mesa, CA Price: $1,625,000 Cap Rate: 6.5%
6% 5% 4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$50
$0
Cap Rate
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
16
National Single Tenant Automotive Market US Northeast Region Select Major Sale Transactions Property Pep Boys Pep Boys STS Tire & Auto Center Little Neck Auto Care Center Garden State Auto Medix 274 Amherst Street, Nashua, NH 331 Crooked Lane, King of Prussia, PA 2150 Route 33, Hamilton, NJ 47 Little Neck Parkway, Little Neck, NY 965 Rahway Avenue, Union, NJ Total SF 19,300 10,000 6,955 3,500 3,760 Sale Date 01/2013 08/2013 05/2013 04/2013 05/2013 Sale Price $4,734,756 $1,500,000 $1,300,000 $1,200,000 $775,000 Price PSF $245 $150 $187 $343 $206 Cap Rate 7.6% N/A N/A 6.5% N/A
National Single Tenant Automotive Market US Southern Region Select Major Sale Transactions Property Sears Auto Center Firestone Pep Boys Pep Boys Christian Brothers Automotive 160 N. New Hope Road, Gastonia, NC 6581 Eastern Avenue, Baltimore, MD 950 Hooks Street, Clermont, FL 830 SE Military Dr, San Antonio, TX 22120 Highway 290, Cypress, TX Total SF 8,000 8,500 14,360 22,737 4,921 Sale Date 05/2013 01/2013 06/2013 04/2013 08/2013 Sale Price $5,330,500 $3,800,000 $3,300,000 $2,635,000 $2,289,000 Price PSF $666 $447 $230 $116 $465 Cap Rate N/A 6.8% 7.6% 7.7% 7.3%
National Single Tenant Automotive Market US Midwest Region Select Major Sale Transactions Property Firestone National Tire & Battery Tire Discounters Advanced Auto Parts Tire Discounters 590 E. Roosevelt Road, Lombard, IL 9850 Joliet Road, Countryside, IL 1544 Georgesville Road, Columbus, OH 1135 E. Division Street, Diamond, IL 960 S. Shannon Street, Van Wert, OH Total SF 8,500 11,142 6,000 6,125 7,000 Sale Date 04/2013 03/2013 07/2013 02/2013 06/2013 Sale Price $4,178,000 $2,700,000 $1,682,500 $1,639,100 $1,506,860 Price PSF $492 $242 $280 $268 $215 Cap Rate 6.8% 7.7% 8.2% 7.1% 8.0%
National Single Tenant Automotive Market US West Region Select Major Sale Transactions Property Ramona Tire Christian Brothers Auto Jiffy Lube Meineke Jiffy Lube Jiffy Lube Autozone 1488 E. 2nd Street, Beaumont, CA 14755 E. Arapahoe Road, Aurora, CO 4500 Clayton Street, Concord, CA 2049 Harbor Boulevard, Costa Mesa, CA 2517 S. El Camino Real, San Mateo, CA 1209 N. Dysart Road, Avondale, AZ 7659 E. Guadelupe Road, Mesa, AZ Total SF 4,990 4,945 4,170 5,431 4,060 2,134 5,399 Sale Date 07/2013 10/2013 07/2013 05/2013 06/2013 10/2013 04/2013 Sale Price $2,495,000 $2,410,000 $2,016,100 $1,625,000 $1,580,000 $1,310,000 $850,000 Price PSF $500 $487 $483 $299 $389 $614 $157 Cap Rate 6.0% 7.0% 6.3% 6.5% 6.4% 8.2% 5.9% 17
7-Eleven
San Diego, CA Price: $3,700,000 Cap Rate: 5.1%
7-Eleven
Sunrise, FL Price: $4,775,000 Cap Rate: 5.3%
Single Tenant Gas Station/Convenience Store Single Properties Tenant Gas Station / Convenience Store Properties
Average Cap Rate & Sale Price Average Cap Rate &(PSF) Sale Trend Price (PSF) Trend
10% $800
BP
Pittsburgh, PA Price: $1,675,000 Cap Rate: 5.3%
Cap Rate
Kwik Trip
Baraboo, WI Price: $1,053,000 Cap Rate: 10.0%
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
Source: Cassidy Turley BT Commercial Research, Costar, Real Capital Analytics
18
National Single Tenant Gas Station / Convenience Store Market US Northeast Region Select Major Sale Transactions Property Mobil Mobil 7-Eleven Sheetz Mobil Exxon BP BP Shell Pik Qwik 2001 Barlow Ave, Bronx, NY 2474 Flatbush Ave, Brookkyn, NY 175 W. Sunrise Hwy, Lindenhurst, NY 809 E, Main St, Girard, PA 1501 5th Ave, Bay Shore, NY 75 Route 17, Ramsey, NJ 2269 Noblestown Rd, Pittsburgh, PA 8136 Ohio River Blvd, Pittsburgh, PA 103 Taunton Rd, Medford, NJ 138 Main St, Thomaston, ME Total SF 1,941 2,108 2,640 6,483 1,453 4,102 2,186 2,660 1,305 2,274 Sale Date 07/2013 10/2013 06/2013 08/2013 02/2013 05/2013 05/2013 01/2013 01/2013 09/2013 Sale Price $6,350,000 $3,500,000 $3,000,000 $2,400,000 $2,100,000 $2,030,293 $1,675,000 $1,480,000 $1,025,000 $550,000 Price PSF $3,272 $1,660 $1,136 $370 $1,445 $495 $766 $556 $785 $242 Cap Rate N/A N/A 5.6% 6.0% N/A N/A 5.3% 5.9% 11.0% 12.0%
National Single Tenant Gas Station / Convenience Store Market US Southern Region Select Major Sale Transactions Property Quiktrip 7-Eleven WaWa Sunoco Exxon 7-Eleven Circle K 7-Eleven Exxon BP 9020 S. Tryon Rd, Charlotte, NC 9998 Sunset Strip, Sunrise, FL 8049 E. Colonial Dr, Oralndo, FL 600 S. Courtenay Pkwy, Merritt Island, FL 3501 Grapevine Mills Pkwy, Grapevine, TX 1701 State Highway 276, Rockwell, TX 1801 S. Tamiani Tr, Sarasota, FL 6340 Mechanicsville Tpke, Mechanicsville, VA 1101 Annapolis Rd, Odenton, MD 4592 N. Valdosta Blvd, Valdosta, GA Total SF 4,527 5,576 5,636 2,353 4,297 3,000 4,121 3,162 2,230 3,000 Sale Date 03/2013 04/2013 06/2013 04/2013 07/2013 03/2013 09/2013 06/2013 05/2013 02/2013 Sale Price $4,799,000 $4,775,000 $2,844,827 $2,809,105 $2,713,846 $2,330,000 $2,325,000 $2,243,000 $1,570,500 $1,120,000 Price PSF $1,060 $856 $505 $1,194 $632 $777 $564 $709 $704 $373 Cap Rate 7.3% 5.3% 5.8% 7.5% 6.5% 5.7% 5.9% 6.0% 5.4% 8.8%
19
Single Single Tenant Tenant Net Net Lease Lease Investment Investment Overview Overview Fall Fall 2013 2013
National Single Tenant Gas Station / Convenience Store Market US Midwest Region Select Major Sale Transactions Property 7-Eleven SuperAmerica 7-Eleven BP BP Kwik Trip 7-Eleven 7-Eleven White Hen Pantry Kum & Go 5402 E. Superior Dr, Duluth, MN 7525 N. Brooklyn Blvd, Monneapolis, MN 26 W. Main St, Lexington, OH 20420 Chagrin Blvd, Shaker Heights, OH 1201 Omniplex Dr, Cincinnati, OH 602 W. Pine St, baraboo, WI 11202 Midland Blvd, St. Louis, MO 2425 S. Big Bend Blvd, St. Louis, MO 210 W. Fullerton Ave, Addison, IL 1401 Court St, Sioux City, IA Total SF 1,309 5,456 2,700 2,827 2,262 3,254 2,640 2,460 2,520 2,625 Sale Date 08/2013 05/2013 04/2013 05/2013 05/2013 02/2013 09/2013 03/2013 02/2013 05/2013 Sale Price $2,200,000 $2,144,848 $2,040,000 $1,948,625 $1,865,000 $1,053,000 $956,760 $800,000 $405,000 $177,810 Price PSF $1,681 $393 $756 $689 $824 $324 $362 $325 $161 $68 Cap Rate N/A N/A 5.9% N/A N/A 10.0% 7.5% 5.8% 8.0% 8.4%
National Single Tenant Gas Station / Convenience Store Market US West Region Select Major Sale Transactions Property 7-Eleven 7-Eleven Shell 7-Eleven 7-Eleven Arco Shell 7-Eleven Circle K Circle K 7807 Balboa Ave, San Diego, CA 8925 S. Las Vegas Blvd, Las Vegas, NV 26721 Rancho Pkwy, Lake Forest, CA 11945 Peoria St, Henderson, CO 2471 S. 7200 W, Salt Lake City, UT 18025 Magnolia St, Fountain Valley, CA 1810 Main St, Colorado Springs, CO 4500 NE St, Johns Rd, Vancouver, WA 5685 S. Eastern Ave, Las Vegas, NV 965 W. Baseline Rd, Tempe, AZ Total SF 2,200 3,000 4,000 3,000 3,000 1,246 3,000 3,889 2,358 2,781 Sale Date 03/2013 05/2013 07/2013 09/2013 08/2013 03/2013 06/2013 04/2013 04/2013 02/2013 Sale Price $3,700,000 $3,000,000 $2,915,000 $2,150,000 $2,025,000 $1,850,000 $1,730,000 $1,565,000 $1,450,000 $1,107,700 Price PSF $1,682 $1,000 $729 $717 $675 $1,485 $577 $402 $615 $398 Cap Rate 5.1% 6.8% 5.0% 5.6% 5.7% 3.2% 7.3% 5.8% 5.5% 6.5%
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ig Box Retail Properties unior Junior Boxes (20,000 to 40,000 SF) Box Retail Properties
Average & Sale Price Average Cap Rate &Cap Sale Rate Price (PSF) Trend
10%
(PSF)
Big Box Retail Properties Mid-Boxes (40,000 to 80,000 SF) Mid-Box Retail Properties
Average & Sale Price Average Cap Rate &Cap Sale Rate Price (PSF) Trend
$250 12%
11% 10%
(PSF)
$200
$175 $150 $125
9%
$200
8%
$150
9% 8% 7% $100 $75 $50 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
7%
$100
6%
$50 6%
5% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$0
5%
Cap Rate
Cap Rate
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
Source: Cassidy Turley BT Commercial Research, Costar, Real Capital Analytics Source: Cassidy Turley BT Commercial Research, Costar, Real Capital Analytics
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Cap Rate
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National Single Tenant Big Box Retail Market US Northeast Region Select Major Sale Transactions Property Junior Boxes (20,000 - 40,000 SF) La-Z-Boy Crme de la Crme Learning Center Maybrook Travel Center Tractor Supply PetSmart Mid-Boxes (40,000 - 80,000 SF) PetSmart/Bob's Discount Furniture ShopRite LA Fitness Toys R Us LA Fitness Mega-Boxes (80,000 SF +) Multiplex Cinemas BJ's Wholesale Club BJ's Wholesale Club Costco Lowe's 750 W. Sunrise Hwy, Valley Stream, NY 5 Ward St, Revere, MA 1785 Airport Rd, Allentown, PA 325 Promenade Blvd, Bridgewater, NJ 1605 Macedon Pkwy, Macedon, NY 85,586 120,224 112,230 136,570 139,410 04/2013 09/2013 09/2013 02/2013 08/2013 $22,500,000 $16,400,000 $10,600,000 $7,511,350 $6,565,000 $263 $136 $94 $55 $47 N/A N/A 8.1% N/A N/A 114 Commerce Wy, Woburn, MA 709 Central Ave, Albany, NY 1600 E. Ridge Rd, Rochester, NY 2819 Kennedy Blvd, North Bergen, NJ 3000 Lincoln Pl, Greensburg, PA 56,566 65,000 45,000 41,477 45,000 07/2013 06/2013 09/2013 06/2013 01/2013 $17,600,000 $16,732,586 $10,300,000 $9,025,000 $8,800,000 $311 $257 $229 $218 $196 N/A N/A N/A 8.0% N/A 233 Buckland Hills Dr, Manchester, CT 794 US Highway 202, Bridgewater, NJ 125 Neelytown Rd, Montgomery, NY 2970 Route 940, Mount Pocono, PA 420 Home Dr, Pittsburgh, PA 24,670 21,555 37,889 24,727 26,040 04/2013 05/2013 07/2013 02/2013 05/2013 $7,750,000 $6,900,000 $5,750,000 $5,490,000 $3,458,997 $314 $320 $152 $222 $133 8.3% 8.6% 7.3% 7.1% N/A Total SF Sale Date Sale Price Price PSF Cap Rate
Toys R Us
North Bergen, NJ Sale Price: $9,025,000 Cap Rate: 8.0%
Tractor Supply
Mount Pocono, PA Sale Price: $5,490,000 Cap Rate: 7.1%
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National Single Tenant Big Box Retail Market US Southern Region Select Major Sale Transactions Property Junior Boxes (20,000 - 40,000 SF) Whole Foods Staples The Container Store Ashley Furniture Fresh Market Mid-Boxes (40,000 - 80,000 SF) Academy Sports Gander Mountain Winn Dixie Hobby Lobby Belk Mega-Boxes (80,000 SF +) Walmart Reasor's Lowe's Lowe's Kohl's 3274 Inner Perimeter Rd, Valdosta, GA 446 S. Elm St, Jenks, OK 1836 US Highway 78 E, Oxford, AL 2470 Whiskey Rd, Aiken, SC 1301 Beaver Creek Commons Dr, Apex, NC 179,958 81,014 135,197 135,197 101360 05/2013 09/2013 07/2013 08/2013 04/2013 $15,105,000 $11,400,000 $11,250,000 $10,600,000 $7,265,000 $84 $141 $83 $78 $72 6.2% 8.0% 7.8% 7.5% 6.4% 455 Norman Rd, Valdosta, GA 1523 Vann Dr, Jackson, TN 4701 Center Point Rd, Pinson, AL 2987 Watson Blvd, Warner Robins, GA 997 Bullsboro Dr, Newnan, GA 71,680 65,000 58,037 55,000 66,412 05/2013 09/2013 01/2013 01/2013 06/2013 $9,790,000 $8,000,000 $6,305,300 $5,250,000 $4,900,000 $137 $123 $109 $95 $74 7.5% 8.7% 7.8% 8.4% N/A 12150 Biscayne Blvd, North Miami, FL 2121 Biscayne Blvd, Miami, FL 8460 Parkwood Boulevard, Plano, TX 1201 S. Earl Rudder Frwy, College Station, TX 3285 Robinhood Dr, Winston-Salem, NC 36,000 20,388 23,286 35,000 21,028 07/2013 05/2013 05/2013 06/2013 03/2013 $19,800,000 $17,375,000 $7,950,000 $5,900,000 $4,640,000 $550 $852 $341 $169 $221 N/A 5.3% 8.2% 8.5% 7.3% Total SF Sale Date Sale Price Price PSF Cap Rate
Academy Sports
Valdosta, GA Sale Price: $9,790,000 Cap Rate: 7.5%
Fresh Market
Winston-Salem, NC Sale Price: $4,640,000 Cap Rate: 7.3%
Lowes
Aiken, SC Sale Price: $10,600,000 Cap Rate: 7.5%
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National Single Tenant Big Box Retail Market US Midwest Region Select Major Sale Transactions Property Junior Boxes (20,000 - 40,000 SF) Tractor Supply Best Buy Gander Mountain Fresh Market OfceMax Bank of America Mid-Boxes (40,000 - 80,000 SF) Kittle's Factory Outlet Cub Foods Econo Foods Big Lots Pamida Mega-Boxes (80,000 SF +) Home Depot Kohl's Kohl's BJ's Wholesale Club K-Mart Otswego Plaza, Plainwell, MI 13900 Aklrich Ave S, Burnsville, MN 1400 Lawson Dr, Howell, MI 6924 Frank Ave NW, North Canton, OH 1825 N. State Route 19, Fremont, OH 96,801 102,412 88,000 108532 172655 05/2013 01/2013 03/2013 02/2013 05/2013 $13,389,430 $12,830,000 $12,441,188 $10,771,900 $4,150,000 $138 $125 $141 $99 $24 6.2% 6.3% 6.8% 7.9% 23.8% 9810 Carney Dr, Fishers, IN 350 McHenry Rd, Buffalo Grove, IL 1000 W. Sharon Ave, Houghton, MI 5112 Miller Rd, Flint, MI 174 James Robertson Dr, Gladwin, MI 62,015 56,192 49,618 40,000 42,128 07/2013 05/2013 08/2013 06/2013 04/2013 $5,300,000 $4,100,000 $3,300,000 $2,287,500 $2,000,000 $85 $73 $67 $57 $47 8.5% N/A 8.5% 8.8% 10.8% 1801 Milwaukee Ave, Burlington, WI 1600 Center Rd, Avon, OH 5114 W. Holiday Dr, Peoria, IL 3033 S.Halsted St, Chicago, IL 2950 5th Ave S, Fort Dodge, IA 510 N. Penn Ave, Independence, KS 22,670 30,814 31,080 20,500 23,516 25,962 02/2013 03/2013 09/2013 01/2013 05/2013 06/2013 $4,180,000 $3,975,000 $3,575,000 $3,500,000 $2,995,000 $600,000 $184 $129 $115 $171 $127 $23 7.2% 6.5% 9.3% N/A N/A 6.7% Total SF Sale Date Sale Price Price PSF Cap Rate
Big Lots
Flint, MI Sale Price: $2,287,500 Cap Rate: 8.8%
Gander Mountain
Peoria, IL Sale Price: $3,575,000 Cap Rate: 9.3%
Kohls
Burnsville, MN Sale Price: $12,830,000 Cap Rate: 6.3%
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National Single Tenant Big Box Retail Market US West Region Select Major Sale Transactions Property Junior Boxes (20,000 - 40,000 SF) Ofce Depot Tractor Supply Ralph's Big Lots Tractor Supply Mid-Boxes (40,000 - 80,000 SF) Whole Foods Hobby Lobby Dick's Sporting Goods Walmart Neighborhood Market Room Store Mega-Boxes (80,000 SF +) Sam's Club Room Store Fred Meyer's 7817 Park Meadows Dr, Lone Tree, CO 1661 S. Alma School Rd, Mesa, AZ 10201 SE 240th St, Kent, WA 129,715 120,026 167,146 09/2013 03/2013 06/2013 $17,617,000 $6,000,000 $13,338,000 $136 $50 $80 6.3% 10.4% N/A 230 Bay Pl, Oakland, CA 27200 Alicia Pkwy, Laguna Niguel, CA 1030 Green Acres Rd, Eugene, OR 1189 E. March Ln, Stockton, CA 555 N. Litcheld Rd, Goodyear, AZ 57,218 77,867 60,122 54,159 50,046 02/2013 09/2013 03/2013 05/2013 03/2013 $41,400,000 $15,100,000 $13,725,000 $8,574,900 $6,210,155 $724 $194 $228 $158 $124 N/A 5.7% 7.0% 6.0% N/A 4900 25th Ave NE, Seattle, WA 1131 W. Pacheco Blvd, Los Banos, CA 950 N. La Brea Ave, Inglewood, CA 17510 N. 75th Ave, Glendale, AZ 8540 E. Eastridge Rd, Prescott Valley, AZ 29,691 21,680 34,035 34,827 22,000 07/2013 03/2013 02/2013 01/2013 08/2013 $13,744,690 $5,500,000 $5,100,000 $5,001,500 $3,807,634 $463 $254 $150 $144 $173 5.0% 7.3% 5.4% 7.3% N/A Total SF Sale Date Sale Price Price PSF Cap Rate
Hobby Lobby
Laguna Niguel, CA Sale Price: $15,100,000 Cap Rate: 5.7%
Ralphs
Inglewood, CA Sale Price: $5,100,000 Cap Rate: 5.4%
Sams Club
Lone Tree, CO Sale Price: $17,617,000 Cap Rate: 6.3%
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Pearson Education
Cranbury, NJ Price: $98,000,000 Cap Rate: 7.0%
Mitsubishi
Suwanee, GA Price: $38,000,000 Cap Rate: 5.8%
We have yet to see many e-commerce related properties come to market, but these may well be the next hot commodity for investors. While these tend to be highly specialized buildings (it is not uncommon for structures that cost $40 to $60 per square foot to build to feature $100 per square foot or more in tenant improvements), they also tend to have long lease terms in place. The average capitalization rate for deals that closed in Q3 2013 was 7.6%. This compares to an average of 7.3% in Q2 and a reading of 7.5% exactly one year ago. Cap rates will increase by the nal half of 2014 as interest rates rise, however, modern distribution facilities will see less of an uptick.
Rubbermaid
Kent, OH Price: $34,900,000 Cap Rate: 7.5%
Single Tenant Industrial Properties Average Cap Rate & Sale Price (PSF) Trend
$90
$75 $60 $45 $30 $15 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
10%
9% 8% 7%
FedEx
San Diego, CA Price: $14,100,000 Cap Rate: 5.2%
6% 5% 4%
Cap Rate
Cassidy Turley Net Lease Investment Services www.cassidyturley.com
Source: Cassidy Turley Northern California Research, Costar, Real Capital Analytics
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National Single Tenant Industrial Market US Northeast Region Select Major Sale Transactions Property Pearson Education Barnes & Noble Mohawk Distribution Center BJ's Warehouse Talbots FedEx Ollie's Bargain Market Distribution Center Xpedx Lehigh Group Distribution Center FedEx 258 Prospect Plains Rd, Cranbury, NJ 1 Barnes & Noble Wy, Monroe Township, NJ 698 Route 46, Teterboro, NJ 309 Dulty's Ln, Burlington, NJ 175 Kenneth Welch Dr, Lakeville, MA 456 Sullivan Ave, South Windsor, CT 3300 Espresso Wy, York, PA 261 River Rd, Clifton, NJ 2834 Schoeneck Rd, Macungie, PA 550 Delancy St, Newark, NJ Total SF 886,875 1,145,200 616,992 633,436 555,000 224,061 603,000 230,953 270,000 52,000 Sale Date 09/2013 02/2013 06/2013 07/2013 05/2013 01/2013 03/2013 02/2013 06/2013 07/2013 Sale Price $98,000,000 $83,000,000 $81,000,000 $43,250,000 $36,743,057 $32,200,000 $31,671,000 $26,811,000 $16,550,000 $15,000,000 Price PSF $111 $72 $131 $68 $66 $144 $53 $116 $61 $288 Cap Rate 7.0% 7.5% 6.1% 7.4% N/A 6.4% 6.7% 5.0% 6.5% 5.6%
National Single Tenant Industrial Market US Southern Region Select Major Sale Transactions Property United Natural Foods Braun Medical FedEx Natural Selection Foods Watkins Sheperd Trucking PODS Enterprises FedEx Internal Revenue Service Dimension One Spas Raley's Distribution Center 17901 E. 40th Ave, Aurora, CO 7400 Hazard Ave, Westminster, CA 33104 25th Ave, Kettleman City, CA 3701 S. Avenue 3, Yuma, AZ 13827 Carmenita Rd, Santa Fe Springs, CA 1650 N. Kraemer Blvd, Anaheim, CA 1650 47th St, San Diego, CA 1973 Rulon White Blvd, Ogden, UT 2611 Business Park Dr, Vista, CA 3925 Seaport Boulevard, West Sacramento, CA Total SF 553,757 258,506 84,927 220,000 206,030 122,600 76,822 100,000 128,531 135,885 Sale Date 09/2013 04/2013 06/2013 10/2013 08/2013 04/2013 08/2013 05/2013 02/2013 10/2013 Sale Price $46,350,000 $26,700,000 $21,466,000 $17,850,000 $15,025,000 $14,300,000 $14,100,000 $12,625,000 $10,145,000 $9,675,000 Price PSF $84 $103 $253 $81 $73 $117 $184 $126 $79 $71 Cap Rate 7.2% 5.4% 7.4% 8.0% 7.5% 6.5% 5.2% 8.6% 10.0% 10.2%
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National Single Tenant Industrial Market US Midwest Region Select Major Sale Transactions Property Quaker Oats Rubbermaid Sears Logistics Services Case New Holland Distribution Center Liz Claiborne Sears Logistics Services FedEx Gannett FedEx Penda Corporation 9101 Orly Dr, Indianapolis, IN 212 Progress Blvd, Kent, OH 1600 N. Boudreau Rd, Manteno, IL 300 E. Pence Rd, Cameron, MO 8741 Jacquemin Dr, West Chester, OH 901 Canterbury Rd, Shakopee, MN 4600 Poth Rd, Columbus, OH 8751 N. Zachary Ln, Maple Grove, MN 2900 SW Brookside Dr, Grimes, IA 2344 W. Wisconsin Dt, Portage, WI Total SF 1,119,915 811,200 1,400,000 500,000 601,065 1,100,000 217,627 192,924 186,088 272,000 Sale Date 07/2013 01/2013 03/2013 06/2013 08/2013 09/2013 04/2013 03/2013 03/2013 01/2013 Sale Price $60,623,063 $34,900,000 $24,000,000 $23,500,000 $21,000,000 $17,000,000 $16,675,000 $14,400,000 $11,400,000 $9,965,789 Price PSF $54 $43 $17 $47 $35 $15 $77 $75 $61 $37 Cap Rate N/A 7.5% N/A 7.2% 8.0% N/A 7.5% 8.6% 7.9% 9.6%
National Single Tenant Industrial Market US West Region Select Major Sale Transactions Property United Natural Foods Braun Medical FedEx Natural Selection Foods Watkins Sheperd Trucking PODS Enterprises FedEx Internal Revenue Service Dimension One Spas Raley's Distribution Center 17901 E. 40th Ave, Aurora, CO 7400 Hazard Ave, Westminster, CA 33104 25th Ave, Kettleman City, CA 3701 S. Avenue 3, Yuma, AZ 13827 Carmenita Rd, Santa Fe Springs, CA 1650 N. Kraemer Blvd, Anaheim, CA 1650 47th St, San Diego, CA 1973 Rulon White Blvd, Ogden, UT 2611 Business Park Dr, Vista, CA 3925 Seaport Boulevard, West Sacramento, CA Total SF 553,757 258,506 84,927 220,000 206,030 122,600 76,822 100,000 128,531 135,885 Sale Date 09/2013 04/2013 06/2013 10/2013 08/2013 04/2013 08/2013 05/2013 02/2013 10/2013 Sale Price $46,350,000 $26,700,000 $21,466,000 $17,850,000 $15,025,000 $14,300,000 $14,100,000 $12,625,000 $10,145,000 $9,675,000 Price PSF $84 $103 $253 $81 $73 $117 $184 $126 $79 $71 Cap Rate 7.2% 5.4% 7.4% 8.0% 7.5% 6.5% 5.2% 8.6% 10.0% 10.2%
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Our Net Lease Services team understands the complexities and dynamics of the Net Lease marketplace. Our national platform is managed by an advisory committee composed of industry leaders from across the country. Please contact any of the following advisory committee members for more information on Cassidy Turley Net Lease Investment Services. Ric Russell San Francisco 415.781.8100 Ric.Russell@cassidyturley.com Chuck Klein San Diego 858.546.5473 cklein@cassidyturley.com Andy Bogardus San Francisco 415.677.0421 Andy.Bogardus@ cassidyturley.com Doug Longyear San Francisco 415.677.0458 Doug.Longyear@cassidyturley.com
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About Cassidy Turley Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 ofces nationwide. The company represents a wide range of clientsfrom small businesses to Fortune 500 companies, from local non-prots to major institutions. The rm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate servicesincluding capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
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For more information regarding this report, contact: Garrick Brown Director of Research San Francisco 916.329.1558 gbrown@ctbt.com
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