We are very pleased to announce a recent closing of a unique brand new Walgreens relocation property in  Belleville, NJ.

The Story

We represented a 1031 exchange buyer from California with very specific and by no means easy-to-satisfy investment criteria. The client was under contract to close a large investment in Los Angeles for which they would receive less than 25% in equity, meaning the upleg investments would have to all be at 75% LTV or better. In addition, the client required positive leverage, long term leases, as well as strong demographics and upside potential, all in a seller’s market. While everyone wished us good luck, we were confident we could find something. We began our search two months prior to the downleg closing and thirty days in we had the perfect candidate. The Walgreens was a brand new NNN 15-year lease relocation store located at a signalized intersection with a drive thru and minimal competition. In addition, the property had a loan with very favorable terms that needed to be assumed, which created the positive leverage cash flow for the client. The transaction was successfully closed within three months of going under contract further solidifying another long-term relationship for Zebra Capital on the West Coast.

A big thank you goes to Mike Milano and Jereme Snyder of Colliers for making sure the transaction goes as smoothly as possible on the other side of the deal.