Stevens Point, WI – Lee & Associates, one of the largest national commercial real estate firms, has completed the $882,500 (5.09% Cap Rate) sale of a newly constructed retail building occupied by Ole Real Estate Holdings, LLC dba Taco John’s. The approximately 2,011-square foot retail building, completed in early 2019 to the specifications of Taco John’s latest prototype facade, is located at 1616 Academy Avenue in Stevens Point, Wisconsin. It opened for business in August 2019.
Taco John’s new 15-year Absolute NNN ground lease featured 7.5% rent increases in Year 11 of the Primary Term and in the Option Periods.
The Taco John’s is shadow anchored by Trig’s Market & Deli, the major grocery store in the area. Additionally, it is located just a half-mile from the University of Wisconsin-Stevens Point campus, with an enrollment of 8,150 students and more than 400 faculty and teaching staff. The site’s strategic proximity to both helps to provide a consistent draw to the property.
Ryan Bennett and Ryan Barr of Lee & Associates – North San Diego County in conjunction with Wisconsin Licensed Broker Galway Companies represented the Seller, Division Investors II, LLC. The Buyer was a San Diego-based private investor and was not represented by Lee & Associates. Bennett and Barr were able to achieve 98% of the asking price and successfully navigated through several challenges, including no tenant financials, no unit level sales, and rent deferment due to the Covid epidemic.
This sale closed just over two weeks after Lee & Associates (Barr & Bennett) closed on the sale of the adjacent Burger King property at a 4.70% Cap Rate.
Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, specializes in the acquisition and disposition of net leased assets nationwide.
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Lee & Associates is a commercial real estate brokerage, management, and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.