CrownPoint Partners announced the successful sale of a Hardee's property in Grovetown, Georgia, representing the Seller, a repeat client with whom the brokerage has now completed approximately half a dozen transactions. The property sold at approximately 92% of the original list price.

CrownPoint's relationship with the Seller began by helping the client build a portfolio of net lease assets and has since evolved into an ongoing acquisition and disposition relationship. The Hardee's sale presented a unique challenge after the tenant announced its intent to vacate the property, despite significant remaining contractual lease term. At the time the property was marketed, more than 12 years remained on the absolute net lease.

Rather than positioning the asset solely as a traditional net lease investment, CrownPoint marketed the property to multiple buyer profiles and generated offers from owner-users interested in occupying the space, developers evaluating redevelopment and repositioning opportunities, and opportunistic investors comfortable with the tenant and real estate dynamics.

The property was ultimately acquired by a private investor from the Tristate area that understood both the tenant's anticipated vacancy and the contractual obligations associated with the existing lease. The transaction closed all cash within 90 days.

"Transactions like this require a different approach than a traditional stabilized net lease sale," said Shannon Bona, Managing Partner and Co-Founder of CrownPoint Partners. "Once the tenant announced its intention to vacate, our focus shifted to identifying the full range of potential buyers and communicating the value of both the existing lease obligations and the underlying real estate. Generating interest from operators, developers and investors allowed us to create competition and ultimately execute for a longtime client."

The closing further expands CrownPoint's relationship with the Seller. CrownPoint is also representing the client in a 1031 exchange acquisition anticipated to close at the end of October, continuing a relationship that has evolved from building the client's net lease portfolio to strategically managing dispositions and subsequent acquisitions.