Just Sold – Harbor Freight Anchored Center
DATE September 22, 2021 / AUTHOR
CATEGORY Uncategorized
We are pleased to announce we have arranged the sale of a NNN leased retail asset in West New Haven, Connecticut. The property was leased on a long-term basis to a mix of Investment Grade and Non-Investment grade tenants, and all corporately guaranteed including AutoZone Auto Parts, Harbor Freight Tools and AAMCO Transmissions.
The Deal
The buyer, a national and publicly traded REIT, engaged Zebra Capital team to source investment properties nationally for $185M of capital that needed to be placed in Q3. With a supply-constrained sellers’ market and clients’ strict criteria for high returns coupled with credit-rated tenancy, Zebra team with our Northeast market lead and firm’s Partner, Bosko Stankovic, sourced the opportunity off-market directly from the developer, who owned and operated the property since 2002. This allowed the client to avoid a bidding war while securing strong investment return and smooth transaction from start to finish.
The property is located in a densely populated neighborhood outside of New Haven, in a busy 5 lane road, and surrounded by national tenants such as Target, Walmart, Kohl’s, BestBuy, PetSmart, Burlington, McDonlads, Taco Bell, Wendy’s, Walgreens, including Amazon’s Last Mile delivery center. The property was acquired for $5,375,000.00 ($170.63/SF).