Thursday, April 21, 2011

Lehigh Gas Sells Service Station for $3.7M

"Broadstone Real Estate LLC has added another investment property to its REIT portfolio. 1830 Easton Road in Somerset, NJ was purchased as a sale leaseback investment for $3,695,363, or more than $421 per square foot, with a reported cap rate of 7.99%. A new 20-year, triple-net lease was signed by the seller with a 1.5-percent annual rent increase.

The subject property includes an 8,571-square-foot, four-unit strip center and a gas station with a 200 square foot kiosk. This property sits on 1.87 acres and was built in 1992.

The seller, Lehigh Gas sold this property as one of the forty stores in which they have chosen to monetize."

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