Retail investment brokers at Colliers International just set a new record cap rate for a single-tenant location with the $18.5M sale in Aliso Viejo of a property occupied by PetSmart (26761 Aliso Creek Rd).
The cap rate for the property was 4.62%, a new national record, according to GlobeSt.
An Orange County private investor purchased the land and building occupied by PetSmart, which is reported as one of the busiest locations in Southern California.
Colliers EVP Jereme Snyder and Colliers SVP Eric Carlton repped the seller, an LA developer.
The deal included an absolute triple-net lease with more than 17 years left on its term with optional renewals. [GS]
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