|Exclusive Buyer Representation Proves Profitable for 1031 Client|
|Calkain Companies exclusively represented the buyer and seller in a three property Tampa area Krystal Restaurant portfolio. David Sobelman, Executive Vice President and Emily Cusmano, Associate, represented the buyer in the transaction, a 1031 client under an exclusive agreement with Calkain. David Sobelman stated, “With limited inventory of quality net lease assets in today’s market, having an exclusive agent representing the buyer can be very beneficial for the purchaser. As can be concluded from this sale alone, many times these assets do not hit the open market before going under contract. We were able to get our client the best price in a short time frame.”
Patrick Nutt, Managing Partner at Calkain, represented the seller of the portfolio. Nutt stated “This transaction was a corporate sale-leaseback, which was just one step in a larger transaction. The Krystal Company recently bought out one of their franchisees, and in doing so, acquired ownership of these three locations. This sale allowed the tenant to lower their basis in the overall purchase of the business operations, while retaining long term control of the property through a new lease for each site. Sale-leasebacks, when effectuated carefully and with proper foresight, are a great arrow in the capital quiver of any successful tenant.”
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.