December 16, 2015
Philip Voorhees, who is based in Newport Beach, and CBRE’s National Retail Investment Group and the Net Leased Property Group are selling the Consolidated Tomoka portfolio, which is 100 percent leased. It consists of 14 single-tenant assets that total 129,400 square feet.
The net operating income of the assets is $2.4 million, with financing that has a $23.1-million balance, a 3.67-percent fixed interest rate, with interest only, maturing April 2023.
Eight of the properties are leased to Bank of America in Orange County. The remaining properties are in Walnut; Boulder, Colo.; Chicago; Palm Bay and Talahassee, Fla.; and Phoenix, and include tenants like CVS, Walgreens, Chase Bank and Buffalo Wild Wings.
The initial bid date is set for January 2016. Due to the existing financing that must be assumed by the purchaser, the seller, a Florida-based, publicly-traded real estate company, will only consider portfolio offers.