Hanley Investment Group Completes Sale of Single-Tenant Just Brakes Store and Sets New National Record Cap Rate

CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a single-tenant Just Brakes store in Dallas, Texas.

Real Estate Research Center
Hanley Investment Group
Search Hanley Investment Group:
WebSite – in News – in Social – in Web

Executive Vice President Eric Wohl, along with Hanley Investment Group’s Associates Austin Blodgett and Andrew Cunningham, set a new national record cap rate representing both the buyer, a private investor based in Austin, Texas, and the seller, a private development firm based in Chicago, Illinois, in the sale of a single-tenant Just Brakes store located at 6530 North Central Expressway in Dallas. The 3,377-square-foot store, built in 1964 and remodeled in 2014, is situated on .21 acres, near Southern Methodist University.

Just Brakes_Dallas

According to Wohl, the property had an eight-year absolute NNN lease with a corporate guarantee and strong increases every five years. “The property benefits from close proximity to Southern Methodist University with 11,500 students and the George Bush Presidential Library with 340,000 annual visitors.”

Wohl continues, “The property also features excellent pylon visibility from 320,000 cars per day on I-75 freeway and 18,000 cars per day at the intersection of North Central Expressway and University Boulevard. The property also benefits from population in excess of 388,000 people in the five-mile trade area and average household income of more than $104,000 within a one-mile radius. “This sale highlights the strong appetite investors have for quality net-lease properties in primary US markets,” said Wohl.

Just Brakes was recently acquired by Pep Boys, the Philadelphia-based auto parts and repair company led by investor Carl Icahn. The acquisition increases the Pep Boys store count to over 900 locations. Prior to the acquisition, Just Brakes was the largest privately-owned brake specialty repair company in North America with 134 location in 14 major markets, Wohl reports. In a statement published by Pep Boys, Just Brakes locations will be converted into Pep Boys Service & Tire Centers, offering a full range of services, such as oil changes, tire installations, brake repair and suspension work.

About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.

SHARE
Hanley Investment Group

Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations.

Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved.

Contact:

Phone: (949) 585-7610

Previous articleTexas Remodeler Dan Bawden Installed as 2017 NAHB Remodelers Chair
Next articleWhat You Need to Know When Hiring a Personal Injury Lawyer