Author: magraham

 

Sold:  Recorded 9/5/2018

Address:  4703 Pecanland Mall Drive, Monroe, LA (Multi-tenant retail)

Seller:  LB-UBS 2006-C7 Pecanland Mall Drive LLC

Buyer:  Pecanland Village Shopping Center LLC

Book / Page:  2558 / 213

Price:  $813,750

Source:  Ouachita Parish Legal News / Clerk of Court website

The information above is for reference only and should not be relied upon without proper verification.

 

Sold:  Shadow Wood and Shadow Forest Apartments / Monroe, LA

Seller:  Juniper Shadow Wood, LLC and Juniper McKeen LLC

Buyer:  Andmark Shadow Wood Apartments LLC and Andmark Shadow Forest Apartments LLC

Price:  $7,400,000 (Shadow Wood) / $8,000,000 (Shadow Forest)

Date of Sale:  9/17/18  Book 2559 Pages 352 and 334

Note:  The above information is for reference only and should not be relied upon without proper verification.   The accuracy of the above information is not guaranteed.  Source:  The Legal Recorder – Ouachita Legal News

 

 

 

 

Sold:  3211 Sterlington Road, Monroe, LA

Property Type:  Restaurant

Seller:  Jose Antonio Sanchez, et ux

Buyer:  El Paso Mexican Properties Monroe, LLC (Ruben Chavez)

Price:  $1,000,000

Recorded:  6/26/2018

 

Sold:  401 4th Street, Monroe, Louisiana (Former News Star World)

Seller:  Gannett River States Publishing Corp.

Buyer:  Ridgecrest Realty, LLC

Recorded:  6/19/2018 (Book 2550 Page 576)

Price:  $600,000

Data:  2.24 +/- acres and a building of approximately 55,582 square feet, and all other improvements thereon, located at 401 4th Street and 411 4th Street, Monroe, LA.  (Source:  Conveyance Record)

This information is for reference only and should not be relied upon without proper verification by the user.

Sold:  Vacant Land / Corner of North 18th and Avenue of America

Seller:  Campco of Monroe, Inc. (Mr. Guy Campbell)

Buyer:  Johnny’s Pizza House, Inc.

Price:  $875,000 (source:  Clerk of Court records)

Sale Date:  May 15, 2018

Lot One (1) of Regions Subdivision

Lot Size:  1.32 acres or 57,500 sq. ft. (source:  tax assessor)

Indicated $ / Square Foot:  $15.22

The above information is for reference only and should not be relied upon without proper verification.

The previously posted sale of the DeSiard Street Walmart represents an example where there is a national market of investors searching for a return on their investment through NNN leased properties.

Based on a listing price of $12,520,392 by Marcus & Millichap, the listing cap rate was 5.10%, which indicates a first year net operating income of $638,540.  This is a 20 year, modified NNN lease expiring in 2035.    (landlord: roof and structure only)

If the income is level over the primary term, an actual sale price of $11,935,327 indicates an overall capitalization rate of 5.35%.   Lower cap rates are normally associated with newer properties that are occupied by high credit tenants and / or anticipated increases in income / value over the holding period.

Other common “build to suit” examples with lower cap rates are:  Dollar General, Family Dollar, Walgreens, along with many other national retailers.

While the return “on” investment (annual return on investment) may appear to be low risk based on the strength of a company, the return “of” investment (recapture of investment upon sale of the property) can sometimes be significantly less than the price paid when the tenant vacates the building.   The point is there are many factors driving the sale price when long term lease contracts are in place.

Have questions?   Contact us at 318-387-9092 to discuss.

Mike Graham Real Estate and Appraisals

Sold:  Neighborhood Walmart / DeSiard Street / Monroe, LA

Date:  Feb. 20, 2018

Price:  $11,935,327

Seller:  Polestar La Monroe Desiard LLD

Buyer:  Terraza 8 LLC (principle office in California)

This is a build to suit project completed by the seller for Walmart.  This sale is a leased fee transaction with the right of occupancy held by Walmart.  The purchase price is based on the anticipation of rental income over the lease term.

Note:   All information is for reference only and should not be relied upon without proper verification.

Source:  The Legal Recorder / OP Tax Assessor / LA Secretary of State database

 

 

 

 

 

 

 

 

 

Date of Sale:  11/28/2017

Seller:  Stephen A Hunt Revocable Trust, et al

Buyer:  Thara Ventures LLC

Price: $572,000

Property:  3100 Kilpatrick Blvd. / Office / 10,615 sq. ft.

Source:  Clerk of Court / Tax Assessor / The Legal Recorder

Sold:  Tower Storage of Monroe

1251 Fulton Drive, Monroe, LA

Seller:  Tower Storage of Monroe, LLC

Buyer:  Clute Affordable Storage, LLC (Houston, TX)

Price:  $5,365,000

Note:  Sale includes property on Fulton and property behind Walgreen’s on Lamy Lamy.   This is information is for reference only and should not be relied upon without proper verification.   Source:  Ouachita Parish Clerk of Court records.

 

 

 

 

 

Sold:  2230 Tower Drive, Monroe, LA

Portico Restaurant / Real Estate Only

Price:  $1,150,000 (The Legal Recorder, Inc.)

Book / Page:  2493 / 662

Note:  The above information is for reference only and should not be relied upon with proper verification.   This is sale is reported to be a sale subject to a lease and tenant occupied status.