Kin Properties Inc. of Boca Raton, Fla. has acquired a portfolio of five
The newly acquired
• Office Max, 23,500 sq. ft., Alexandria, Minn.
• Office Max, 23,525 sq. ft., Brainerd, Minn.
• Office Max, 23,503 sq. ft., Mankato, Minn.
• Office Max, 23,620 sq. ft., Martinsburg, W.Va.
• Office Depot, 24,000 sq. ft., Traverse City, Mich.
“All of the stores have between seven and 11 years remaining on their corporate-guaranteed leases and all have renewal options,” says Barry Wolfe, vice president of
“The locations are major retail hubs, or are situated close to large retail centers,” adds Wolfe, who represented the buyer, Kin Properties, in the transaction.
Single-tenant, net-lease properties that contain national retailers with a strong credit rating remain the most sought-after
Wiles, who represented the seller in the deal, says that many prospective buyers today are exhibiting a flight to safety.
“Unimpressive returns offered by alternative investments and ongoing stock market uncertainty continue to heighten private buyers’ appetite for low-risk, corporate-backed assets.”