|Deal Retrieves Full Asking Price for Seller|
|Calkain Companies, a national real estate investment brokerage firm, recently facilitated the sale of a net leased auto parts store. The property, a newly constructed 7,400 square foot retail building was located in Tampa, Florida. The purchaser, a private California based investor, was drawn to the property by the investment grade designation of the tenant, O’Reilly Auto Parts, rated “BBB-“ by Standard and Poor’s.
Managing Director, Patrick Nutt and Vice President, Michael Zimmerman exclusively represented the seller, a local merchant development group. Net lease assets remain in high demand, especially those with the key characteristics of new construction, investment grade rated tenancy, and long term leases. With a seller-friendly market, many owners and developers have considered undertaking the disposition themselves. Nutt commented, “A new 20 year lease with a credit-tenant would seemingly sell itself, but at what price?” He added, “These properties are highly sought after, but being able to expose the property to the largest audience possible, while also having the local real estate knowledge to ‘tell the story’ of the property is where we truly add value to the transaction process and maximize proceeds for a seller.” The nearly $2,000,000 transaction represented full asking price, with a seller identified months prior to completion of construction.
Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and Midwest. Additional information about the firm and listings may be found at www.calkain.com.