American Investment Properties brokers $1.4 million sale

American Investment Properties and CP Commercial Properties secured the buyer in the $1.4 million sale of 6265 Jericho Tpke. This NNN Midas was sold at a 6.9% cap rate at $223.46 per s/f. "There were clear and serious challenges in the sale of the NNN Midas Total Car Care on Jericho Tpke. Most NNN buyers look for security and a known return on their property purchase. This NNN Midas did not have the security that many other NNN properties have for several reasons. First, there were only a few years left on the lease with no options to renew. This means that once the lease expires the tenant can choose to vacate the property. Also, this Midas property is a franchisee, meaning that the lease is not corporately guaranteed. This, in turn, makes the property very hard to finance. Therefore, an all cash buyer, who was not afraid of the leasing risk, would be needed," said Ron Koenigsberg, president of American Investment Properties. "We began to target and sort through our large database of retail and NNN buyers. We also took the additional steps of contacting other brokers who we have formed great relationships with over the years. Our priority is to get the seller the best and highest price possible, even if that means splitting our commission with another broker," said Koenigsberg.