JLL has successfully completed the sale of the Napa Auto Portfolio for $70.254 million. The portfolio consists of 41 net-leased retail properties located in six Midwest states, strategically positioned across Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa.
The buyer and seller were brought together by JLL’s Corporate Capital Markets & Net Lease Practice Senior Managing Director Alex Sharrin. The portfolio includes a total of 342,986 square feet and benefits from long-term net leases with an average remaining term of approximately 18.5 years.
Jaime Fink,Marcus Pitts,and Matt Hazelton served as brokers for this off-market transaction.
Sharrin stated that this deal showcases the continued demand for well-positioned retail assets with strong tenants on long-term leases. He also highlighted how the diverse geographic locations and stable industry sector make this Napa Auto Parts portfolio an attractive investment opportunity for buyers looking to secure a solid long-term return on their investment.
This successful sale is another example of JLL’s expertise in facilitating transactions between buyers and sellers in the commercial real estate market.
