Calkain Companies, a national net lease real estate brokerage firm, recently brokered the sale of a recently developed Chick-fil-A ground lease property. Located in Winchester, VA, the property was developed as part of the premier shopping center destination known as Rutherford Crossing. Rutherford Crossing includes over 400,000+/- SF of retail, shop and restaurant space. The Chick-fil-A parcel is a 1.36 acre pad site located along the access road of the shopping center. The tenant is operating long-term triple net lease with structured rent increases and renewal options. Calkain’s Rick Fernandez, Managing Director, and Betty Friant, Vice President, represented the developer-seller, providing marketing and transaction support services throughout the sale process. Calkain’s Andrew Fallon, Assistant Vice President, represented a private buyer in an advisory role and during the due diligence process.
The Chick-fil-A pad site is well located and is adjacent to McDonald’s. The site is an outparcel to a Target and Lowe’s anchored shopping center. Winchester is a stable and growing market. The asset was attractive given the location, landlord friendly lease terms (including structured rent increases), and the tenant strength as an operator. The net lease terms associated with the 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. The transaction represented a win-win scenario for both buyer and seller. The transaction occurred within the last thirty days and will be recorded in the public records.
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, Northeast and a new office opening in the Midwest. Additional information about the firm and listings may be found at www.calkain.com.
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