|Nine (9) Property Florida Portfolio Deal Closes for 6.90% Capitalization Rate at roughly $23,000,000|
|Calkain Companies’ proprietary net lease investment disposition services garnered one of this year’s aggregate low returns for a portfolio of franchise operated restaurant properties. This was demonstrated in Calkain Companies’ recent closing of the ninth and final property in a Florida Applebee’s portfolio sale. David Sobelman, Calkain’s Executive Vice President, exclusively represented the Seller in the nine (9) transactions which equated to a total sale price of ~$23,000,000. Sobelman commented, “Having the critical mass in which to give today’s investor a choice in the geography of their investment allowed investors to choose an asset that best fits their criteria. Also, by having that diversification, investors were more apt to be comfortable paying a higher price to own the asset of their choice.”
The assets, primarily in the Central Florida and Orlando markets, sold for roughly $23,000,000 which equated to a 6.90% aggregate capitalization rate. This is a very telling series of transactions for Calkain as it procured individual buyers for each of the properties instead of selling the portfolio in one transaction. Calkain estimates that the Seller attained roughly 200 basis points difference in the total pricing which translates to an additional $4,500,000 if the properties were sold together.
The properties featured landlord friendly leases, strong Florida real estate, a seasoned operator and a favorable yield. These property highlights attracted investors from all over the country and literally hundreds of inquiries and multiple offers were received for each asset.
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.