Neil C. Efron, CCIM
561.966.0070 Ext. 15
Director Acquisitions and Dispositions
Noble Properties is a privately held South Florida based real estate management and investment firm with over 3,500,000 square feet of retail and medical office space. This includes approximately 70 single tenant properties located throughout the United States leased to such merchants as Ashley Furniture, BoJangles, Dairy Queen, Goodwill, Golden Corrals, Kiddie Academy, TD Bank, Tire Kingdom, Total Wine, Walgreens and Wendy’s. Noble buys properties all cash with no financing contingencies. Noble is a no-nonsense buyer and has an excellent track record of closing deals under contract.
Noble Properties has purchased properties from real estate investment trusts, private individuals, government agencies, commercial banks and insurance companies. Noble routinely works with real estate brokers throughout the country. Properties that require a certain level of upgrading are acceptable if other factors, such as outstanding location and exceptional upside, are present. Noble Properties values and protects the broker-client relationship.
Noble can quickly enter into a letter of intent once a property is identified that meets its investment criteria. In-house counsel is utilized and a contract can typically be prepared within 24 hours of receiving a signed LOI. Once the due diligence period is complete, a closing is quickly scheduled. Numerous transactions have closed within 30 days of signing a purchase and sale agreement. Noble is a privately held company and only utilizes its own funds in purchasing real estate. This allows the company to make quick decisions regarding new opportunities without a lengthy approval process.
NNN Single Tenant
Noble is actively seeking single tenant, net leased properties nationwide with both investment and non-investment grade credit tenants. The primary focus today are deals with remaining lease terms of at least 15 years in major metro areas throughout the United States. Noble will consider deals with shorter remaining terms depending on the quality of the location, the tenant and the level of sales. For non investment grade deals, there is a preference for seasoned properties with strong sales and superior locations. We have completed several sale leasebacks with franchisees of quality name brand restaurants.
Shopping Centers & Medical Office
Noble is seeking additional multi-tenant properties in Florida, Georgia, Illinois and Texas. Also, there must be a highly motivated seller with a strong desire to work with a proven closer in an all-cash transaction.
Investment Criteria – NNN Deals
|Location:||Throughout the continental United States in or around major MSAs||Lot Size:||One (1) acre sites or larger. Will consider smaller sites that are Outparcels of major retail centers||Type & Term:||Retail, medical office, office and industrial with more than 15 years remaining with rental escalations. Shorter remaining terms will be considered with compelling factors||Demographics:||50,000 people in a 3 mile radius||Income:||Median income greater than $50,000||Terms:||Typically a 30 day due diligence followed by a short closing period or in some cases an immediate close. Noble deals never contain a financing contingency||Price Range:||$1.5 million to $15 million – Portfolio purchases are preferred. We will consider larger deals on a case by case basis|
Investment Criteria – Multi-Tenant Deals
|Size:||70,000 to 500,000 square feet|
|Type:||Retail centers with anchor(s) in place, and Medical Office Buildings|
|Condition:||Will consider properties that require some renovations or repositioning if they are in strong market areas|
|Demographics:||50,000 people in a 3 mile radius|
|Terms:||Typically a 30 day due diligence followed by a short closing period or in some cases an immediate close. Noble deals never contain a financing contingency|
|Medical:||Medical office buildings need to be on the campus or adjacent to a hospital|
|Price Range:||$5 million to $25 million – Multiple centers are preferred|