Reston, VA -Earlier this month Calkain Companies’, a national real estate investment brokerage firm, successfully brokered a single-tenant net lease transaction in which a private buyer acquired a KFC/Taco Bell restaurant in Shippensburg, PA. The 2.15 acre investment property was leased to a Yum! Brands, Inc. (NYSE: YUM) franchisee on a triple net lease basis for 20 years, with structured rent increases and renewal options. The seller was a local real estate professional who developed the property in 2008 and the private buyer was an experienced net lease investor. The property sold at a cap rate of 6.38%, and was under contract within 35 days after being introduced to the marketplace.
Calkain’s Andrew Fallon, Assistant Vice President, exclusively represented the developer-seller, and provided marketing and transaction support services throughout the sales process. The asset was highly sought after given the landlord friendly lease terms, the university-town location, and the strength of the KFC/Taco Bell brand and operator. As a NNN ground lease, this investment requires that the tenant pay for real estate taxes, insurance, and maintenance expenses – which effectively provides the landlord with a passive, bond-like income stream through commercial real estate ownership. Net lease investment properties continue to be an attractive alternative investment class for private and institutional investors.
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi-tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA, Washington, DC, Tampa, FL, Wilmington, DE and Boston MA. Additional information about the firm and its listings may be found at www.calkain.com.
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