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Calkain Companies recently completed two net lease transactions with an aggregate total exceeding $4,000,000. Patrick Nutt, Managing Director of Calkain’s South Florida office, was the lead broker in both sales. The properties consisted of a Dunkin Donuts in Palmetto, FL which sold for $903,225. A single tenant facility leased by Citibank was also purchased for $3,155,000. Both locations are occupied by long term net leases which were purchased as passive investment vehicles.
The Palmetto property, located at 612 10th Street East, was the site of a former Sonic restaurant. The seller, a national merchant developer, razed the Sonic facility and constructed a brand new 2,836 square foot build-to-suit facility for Dunkin Donuts. The store is operated by a regional franchisee who signed a 20-year lease. The lease is absolute net, whereby the tenant is responsible for, in addition to rent, all costs associated with the maintenance, insurance, and taxes on the property. Assisting Nutt in representing the buyer was Michael Zimmerman, Calkain Vice President.
The second deal location is the Tampa, FL suburb of Brandon along Providence Road. The 4,576 square foot retail property is leased on a long term, absolute-net basis by Citibank through 2022. When Citibank corporately retreated from their retail banking facilities throughout the Tampa MSA, they subsequently sub-leased the property to emerging Mongolian restaurant chain, Genghis Grill. The purchaser, a family partnership, completed the transaction as part of a 1031 exchange. Calkain represented the seller, a Florida Limited Liability Corporation. Assisting Nutt and Zimmerman in the sales transaction was Calkain Associate, Scott Black.
The transactions, while unrelated, represented repeat clients for Calkain. “We have a great culture within Calkain, one that creates a special emphasis on the advisory role a broker plays in any transaction,” relayed Nutt. “Each client has a unique need, and we do our best to understand that need first and foremost, and I think that truly is a difference that brings clients back.”
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, nationally, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast and Northeast United States. Additional information about the firm and listings may be found at www.calkain.com.
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