TUCSON, AZ -April 18, 2017
NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a Single Tenant Net Leased BRAKEmax property in Tucson, AZ. Senior Investment Advisor, Mike Priolo, represented the sellers in the $1.81 million dollar sale of the building.
The Sellers used the sale proceeds from their “down-leg” to fund 100% of the BRAKEmax property, the replacement in this 1031 exchange. Mike Priolo listed and sold their 5-unit Victorian apartment building in San Jose at a high 4% CAP and purchased at a 6.2% CAP in Arizona. The sellers put 62% down, leaving a very small loan balance, for a high cash flow, lower risk outcome.
The lease is backed by a 20-year guarantee from a reputable regional tenant. Mike Priolo explains, “This transaction represents a popular shift among multifamily owners in the South Bay Area; many of my more savvy clients are selling older multifamily properties at the peak of this long bull market and trading into newer triple net assets which eliminate management and increase monthly cash flow.”
About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.
NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.