Anyone Have Experience Buying National Chain Store Sites?
I recently had a conversation with a broker in my area that told me about properties I could buy that have Steak N Shake restaraunts or Walgreen's located on them. I guess these outfits don't want their capital wrapped up in the real estate their stores sit on and they would rather lease.
Does anyone have experience or knowledge on these types of deals and do you know how to find out where these opportunities exist.
Thank you
These are classic NNN properties. Best way to find them is through a national broker. The reason you do not hear about them is that they are normally sold either before they are built or while they are being built. Developers that specialize in this type of national credit tenant package their developments to intstitutional investors or small insider groups.
You can find them though - some are advertised in the Wall Street Journal.
Be aware - risk is low and so are the cap rates.
_________________
Gregg Fous
Investor/Developer
"If you wait for all your ducks to get lined up, you will never get into the water"[ Edited by GFous on Date 11/03/2003 ]
Gfous is correct. CAps are low, but so is risk. Walgreens sell for a couple million each. National Brokers such as marcus and millichap sell many of these type properties. Their website is as you would expect it to be from their name. Dollar General is going through a large expansion and is selling many of their properties for 500-600 k with caps around 9%