Valuerock Acquires Triple Net Lease Assets For $5.85m And
Announces Hotel Grand Opening In Orange County
IRVINE, CA (May 21st, 2021) - ValueRock Realty, one of the nation's leading real estate investment and operating companies has acquired a CVS Pharmacy in Greenville, SC, along with two Chipotles located in Carrollton, GA, and Syracuse, NY. These strong credit national tenants are on long-term NNN lease structures, the properties presented ideal lower-risk investments during the COVID 19 crisis.
The leasehold interest CVS Pharmacy in Greenville, SC, was acquired for $2.06 million from an undisclosed New York-based individual. The pandemic resistant single-tenant has 10-year remaining on an absolute triple-net ground lease with 5 (5-year) options to renew thereafter. The property is located in a high-growth market and surrounded by crowd generators like Walmart, Bi-LO, and TopGolf.
Chipotle in Carrollton, GA was acquired for $2.29 million from an undisclosed Georgia-based developer. The QSR is an industry leader and continues to increase its revenues year after year. The property is located in an excellent high-growth area with a proximity to both Carrollton High School (1,600+ students) and the University of West Georgia (13,000+ students).
The NNN ground lease Chipotle in Syracuse, New York was acquired for $1.5 million from an undisclosed individual based in California. The property, adjacent to Starbucks, is located in the center of a high-density retail corridor including tenants like Target, Five Below, Petsmart, Ulta, Michaels, and Marshalls/HomeGoods. The tenant offered a proven 5-year operating track record at this location and 10-year remaining on the lease terms with 3 (5-year) options to renew.
“We are extremely excited to announce these acquisitions. We consider these as unique stable investment opportunities, which we believe will provide us with long-term value enhancement throughout our ownership period,” said Dennis Vaccaro, Senior VP at ValueRock Partners.
In addition to its acquisitions, ValueRock is announcing the grand opening of the newly constructed SpringHill Suites by Marriott in one of its newly remodeled shopping centers, Lake Forest Gateway in Lake Forest, CA. The 100-room hotel, fronting Lake Forest Drive and adjacent to the I-5 off-ramp, was the final piece to complete a modern mixed-use commercial redevelopment of the center. The tenant mix includes Buffalo Wild Wings, IHOP, Starbucks, Phenix Salon, and Panera.
“With this strategic addition of the hotel, we are already seeing a mutual benefit between the hotel and the shopping center tenants, as hotel guests enjoy the convenience and selection of food tenants within the center,” added Vaccaro.
About ValueRock Realty: ValueRock is one of the nation's leading real estate investment and operating companies. We seek to bring a strong, innovative entrepreneurial mindset to generate a positive impact and long-term value for our investors, assets, and communities. In operation for over 30 years, ValueRock brings a track record of over $30B in transactions in investment management, asset management, financing, development, leasing, and operations.