Helmsley-Spear brokers sale of 3 Walmart store properties

Real Estate Weekly, Feb 24, 1993

Helmsley-Spear, Inc. has announced that it has completed the sale of three Walmart store properties nationwide to a New York investor for in excess of $12 million. In add ition to brokering the sale, Helmsley-Spear Vice President David R. Topping arranged for an acquisition mortgage for the purchaser from a leading New York investment bank. Elaine Platt of Helmsley-Spear assisted in the sale.

The three newly-built stores are located in Norman, Oklahoma; Marion, North Carolina; and Delafield, Wisconsin.

A sale-leaseback provides an owner with a predictable stream of income ;over the long term and additionally releases an owner from any management liability. A triple-net lease allows the tenant/user long-term operating control of the property as well as the responsibility for payment of taxes, capital improvements, maintenance and repairs.