$1.4 Million Arranged for Acquisition of STNL Property in Springdale, AR
In working with a valued client, Progress Capital closed on a client’s 5th STNL property acquisition within a 22 month time frame. This acquisition of the retail building located at 3681 West Sunset Avenue in Springdale, Arkansas, now brings the client’s portfolio to a total of 6 properties and increasing ROI of over $850,000 annually in just 24-months.
Progress Capital located the subject property, researched the surrounding market and strength of the asset, negotiated the terms of the acquisition on behalf of the client and secured a $1,400,000 non-recourse permanent mortgage to fund the transaction. The loan represents 60% of the property’s value and is accompanied by 5 year fixed-rate at 4.50% with a 10 year term and 25 year amortization.
Upon closing, the 4,132 SF retail space on .8 acres will be subject to a 20 year NNN (or absolute) Net Lease with Zip’s Car Wash. Zip’s is one of the only institutionally held tunnel car wash brands in the United States and ranks 2nd in terms of size and number of locations. The triple net terms include (6) 5 year extension options and annual rent increases at 1.5% annually. The borrower’s portfolio also includes the following assets:
· Fresenius – Medical Office/Retail – Georgia – NN
· US Cellular – Cellular Retail – Virginia – NNN
· Bojangles – Restaurant – South Carolina – NNN
· PLS Check – Retail – South Carolina – NNN
· Walgreens – Retail – Georgia – NNN
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress
