Marcus & Millichap’s Douglas K. Mandel Negotiates Sale Of Two-Building, Net-Leased Portfolio

Jun 02, 2019 No Comments by
Douglas K. Mandel


Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel along with Associate Tyler Kuhlman negotiated the sale of the Atlas Sign Industries, a two-building, net-leased industrial portfolio totaling 135,490 square feet, for $9,062,000.

Tyler Kuhlman


Charlotte, NC-based Investicore Prop Co 5, LLC purchased the portfolio, which is comprised of two facilities – one located in Riviera Beach, Florida and the second facility located in Concord, North Carolina – from STORE Master Funding IX, LLC, an entity based in Scottsdale, AZ.

The deal closed May 15.

The Riviera Beach, FL facility totals 49,646 square feet and is situated on 2.73 acres of land. The second property, located at 707 Commerce Drive in Concord, NC, is comprised of a 84,844-square foot industrial warehouse on 10 acres of land.

The Atlas Signs Portfolio is 100 percent occupied by Atlas Sign Industries. The company, which was founded in 1992, has grown into one of the largest national providers of commercial signs in the country. Atlas has 17 years of term left on both properties with 20 additional years of extension options through 2055, and annual rent increases of the lessor of 2 percent, or 125 percent of the Consumer Price Index.

Marcus & Millichap First Vice President Capital Markets Eric Fixler facilitated the loan for Investicore Prop Co 5, LLC and was successful in obtaining 65% LTV.


“The Portfolio offered a unique opportunity for an investor to acquire a multi-state, net-leased portfolio in sought-after metros; with exceptional term, strong annual rent increases and a tenant whose company has experienced above-average growth from year to year,” commented Kuhlman.=

Mandel + Partners experienced an extremely active 2018, closing more than $270 million.  So far this year, Mandel + Partners closed transactions in excess of $150 million.



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