Pinnacle Announces The Multifamily Investor Purchase of Single-Tenant Property
Barton Thompson, Vice President at Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 777 West Ray Road in Gilbert, Arizona. This 2,044 SF gas station was built in 2000 and remodeled in 2023. The commercial property sold on August 11th at a 6.6% cap rate with a contract price of $5,800,000. The lease is an Absolute NNN 20-Year lease with zero landlord responsibilities and 3% annual rent increase. Barton Thompson represented the Buyer, Lanwin 120 Windsor LLC, in the transaction.
“This transaction represents a great opportunity for the Buyer, who transitioned out of an investment property that was not generating cash flow into a management-free investment with strong cash flow and projected revenue growth,” says Bart Thompson, Vice President at Pinnacle Real Estate Advisors. “The 20-year lease with 3% rent increases will provide my client with reliable and predictable income, regardless of the market’s future direction. A group of siblings who own real estate together, my clients were ready to start enjoying the benefits from all the equity they had acquired over so many years.”