Zebra Capital, the Net Lease Company is pleased to announce recent closing of a two-tenant NNN asset in a highly competitive Boston, Massachusetts market. The asset was leased on a long-term basis to two investment grade tenants, Advanced Auto Parts (S&P: BBB-) and Dollar Tree (S&P: BBB), who shared a 20,000 SF building in densely populated town of Framingham, MA on a highly visible corner at a signalized intersection. Given that property was built-to-suite for the tenants in 2014, the in-place rents were well below the going market rate for a fast-growing area outside of Boston, providing future upside for the investment.

The Story

Zebra Capital team sourced the asset off-market thru our extensive relationship network with national and local developers, brokers and property owners and placed the deal under contract quickly, enabling the client to avoid a highly competitive open market we are seeing today. The property was acquired for $5,400,000 or $281.54/SF.
 
Niko Micin, Zebra Capital managing partner and Bosko Stankovic, partner, represented the buyer, a California based family office, and facilitated a 1031 Exchange transaction following a $23M sale of a downleg property in Los Angeles area. The team also leveraged their relationship with the capital markets expert from New York City, who structured acquisition financing for the asset, including a 30 year amortization schedule, with no recourse and an incredible 73% LTV (conventional loan with no prepayment penalties!). Big shout out to Mike Fey and Equitas Capital Group for sourcing incredibly favorable terms for the client, and getting the deal across the finish line!