Vermont Retail Property Acquired by NAS Investment Solutions
National Asset Services Assumes Asset and Property Management
NAS Investment Solutions (NASIS), a national sponsor of high-quality real estate investment properties, has acquired a 26,340 square-foot, 2-story, Vermont retail property. Built in 2010, the freestanding building is leased to Walgreens, one of the oldest and largest pharmacy store chains in the nation and features a pharmacy drive thru window.
The recent property acquisition, eligible for 1031 exchanges and self-directed IRAs, represents a narrow window of opportunity for accredited investors to participate in an investment that is projected to deliver an annual 6.51% cash-on-cash return. There is an anticipated 10-year investment hold period on an absolute triple net lease in place with 16.5 years remaining on the initial term of the lease with 50 years of options thereafter.
The Property serves a densely populated area, with over 55,000 residents in a 3-mile radius. The local area is saturated with office and retail space with a 100% occupancy rate within a 1-mile radius from the Property. There are over 1.5 million square feet of office and retail inventory also within this radius, making this an extremely desirable submarket location with minimal opportunity for new developments.
Assuming responsibilities for asset management and property management for the newly acquired property is National Asset Services (NAS), one of the Nation’s leading commercial real estate companies.
“This particular location has experienced an overwhelming amount of investment interest from the very beginning,” commented Karen E. Kennedy, President and Founder of NAS Investment Solutions and National Asset Services. “There is a strong demand for high quality real estate investments with investment grade tenants in strong submarkets such as Burlington. Investors are turning to quality commercial real estate as an investment alternative that is insulated from Wall Street uncertainty.”
NAS Investment Solutions recently announced an expedited completion of an industrial office investment property opportunity in Syracuse, New York. This offering sold all remaining equity in just six weeks from the date of acquisition.