Cleveland, OH – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently arranged the portfolio sale of six National Tire & Battery assets located across Ohio and Mississippi for a total sum of $11.575M. Cleveland-based Associate Jonah Yulish and Executive Vice President & National Director Ben Snyder represented the seller and sourced the buyer.
The six properties that make up the portfolio are located at three locations in Mississippi, including 3545 Sangani Boulevard, 3817 Bienville Boulevard, 1011 Highway 49, and three Ohio locations, including 393 East Aurora Road, 3539 Hudson Drive, and 1021 High Street. The tenant, National Tire and Battery, is an American auto service center that Sears created in 1997.
“We had a smooth transaction with a fantastic, qualified, and respectful buyer,” said Jonah Yulish. “All in all, we are proud to have executed a deal that served both buyer and seller for a win-win transaction. We look forward to doing business with both parties moving forward and commend them both for a very transparent and easy transaction for all parties involved.”
The net lease sector continues to see an increase in transaction velocity for consumable “COVID-proof” product types such as net lease tenants with strong credit ratings. The seller, a private client, located out of West Palm Beach, Florida, was looking for an exchange property closer to home and easier to manage. The buyer was a REIT based on the west coast. The sale secured a high credit tenant with great cash flow for the buyer and adjusted the seller’s investment strategy into a grocery-anchored asset with a similar cash flow.
“Due to the nature of the deal, having the right brokerage team was essential. We were able to bridge the private client/REIT gap and provide world-class representation, which was the glue to the success of the transaction,” said Ben Snyder. “Our persistence and dedication allowed us to close the transaction successfully.”
For more information regarding this sale or if you have any other questions related to net lease investment sales, please reach out to Jonah Yulish or Ben Snyder. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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