A developer for Wal-Mart Inc.’s Neighborhood Markets grocery concept, Hutton Development had limited margins for its exit of a portfolio of built-to-suit properties. As a result, the seller sought aggressive pricing for the assets in secondary and tertiary markets in the South.
Leveraging our national net-lease database, we marketed the assets aggressively to private investors, national brokers, international buyers and national REITs.
Our team connected with an international buyer in Spain who was in the middle of a $45 million 1031 exchange. The buyer purchased this four-asset portfolio with a loan from New York Life Insurance Co. for 55% of the total purchase value (LTV).