Real Estate Firm Sells Alpharetta Lowe's To Investment Trust

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CBRE Executive Vice President Chris Bosworth and Vice President John Read announced earlier this week that the National Retail Investment Group–West team, along with the Net Leased Property Group, completed the sale of four freestanding, single-tenant Lowe’s Home Improvement stores.

The affected stores are at 575 Molly Lane in Woodstock; 10580 Duke Drive in Alpharetta; 2659 Dallas Highway in Marietta; and 2855 Stone Mountain Highway in Lilburn.

CBRE’s retail investment experts Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl represented the seller, IRA Capital, LLC, a Newport Beach, Calif.-based real estate investment and management company.

The buyer was American Realty Capital Properties, Inc., a Phoenix-based commercial real estate investment trust. The sales price for all four stores exceed the $81.6 million mark, CBRE said in a press release.

“The offering garnered interest from single-asset and multiple-asset buyers with portfolio purchasers focused on the opportunity to acquire a concentrated group of high-quality, net-leased assets in excellent locations within the Atlanta MSA,” Read said. “The strength of Lowe’s credit, coupled with strong historic occupancy and the seller recently signing 10-year lease extensions at the locations, appealed to a broad buyer pool consisting of institutional-level capital as well as private capital.”

Each of the Lowe’s in the offering was encumbered by long-term leases, and recently extended by 10 years with six, five-year options to extend. While the American Realty Capital Properties acquired the portfolio debt-free, the offering included debt that could be assumed.

According to Bosworth and Read, the CBRE team’s marketing system distributed more than 314 offering memoranda to investors and brokers, and through the team’s managed bid offer process, generated offers to purchase the property from multiple groups.

With this latest closing, CBRE’s NRIG-West team has closed 135 transactions since the start of 2012 for a total consideration exceeding $2.6 billion. In total, the NRIG-West team has listed and sold more than $8.5 billion in retail transactions.

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Photo credit: CBRE