CBRE ARRANGES SALE OF OVIEDO TRIPLE-NET PEP BOYS PROPERTY

Demand for single-tenant property remains strong

Orlando, FL – October 21, 2013 – CBRE’s Net Lease Property Group recently completed the sale of a single-tenant net-leased Pep Boys property located at 2994 Alafaya Trail in Oviedo, Florida.  The buyer, Cole Capital, based in Phoenix, Arizona, purchased the property for $3,450,000 from Alafaya and Carrigan, LLC.  CBRE represented the seller in the transaction.

The property was a build-to-suit for Pep Boys. Pep Boys signed a 15-year lease for the new 14,380-square-foot building situated on 1.5 acres.  This was a strategic location in their expansion program in the Central Florida market.  The property is located just north of the University of Central Florida on one of the most heavily traveled north/south arterials in the East Orlando market.

“Timing of the exit is critical to developers” said CBRE Senior Vice President Mark Drazek. “Locking in a transaction early in the development process allowed our client to defray market risk and achieve their goal.  It was a tremendous success for everyone involved.”

Single-tenant properties under $5 million command the greatest amount of attention from 1031 exchange buyers as well as investors looking for an alternative to their stock/bond portfolios with most either paying all cash or utilizing low leverage.  Strong demand for this product type is expected to continue into the foreseeable future with values remaining solid.

Mark Drazek has been part of the CBRE Net Lease Property Group for Florida for over 12 years.  His team has performed over 200 transactions throughout the state for both developers and owners of single tenant properties.

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