Lease Investment Sale — SOLD PRE-MARKET! ? We’re pleased to announce today’s successful closing for 20 Magothy Beach Road in Pasadena! Rosso Commercial was chosen to list this NNN Ground Lease investment property on behalf of our client, Koch Development, and our firm immediately identified multiple buyers pre-market. The sales process completed by RossoCRE resulted in a Contract of Sale for 97.5% of our client’s asking price.
The sale provides the Buyer with a ‘hands-off’ stable lease term and a proven long-standing tenant that has invested heavily into the construction of their building and improvements upon the ground. The sale price represents an approx. 7.25% cap rate based upon in-place NOI. This Greene Turtle ground lease is part of the Chesapeake Health Park project, with neighboring tenants that include the YMCA, CVS, Maryland Primary Care Physicians, Annapolis OB/Gyn and recently signed Annapolis Pediatrics. The property is situated across the street from the 2 market-dominant grocery anchored centers, with great regional accessibility based the property’s location at the intersection of Rte. 100 & Mountain Rd.
Hats off to Ryan Brassel, Ross Westholm and John Rosso for putting together this sale and getting it done! And – Kudos to Brett Bowman at NorthMarq Capital for lining up the debt financing for the Buyer!