Calkain’s Patrick Nutt & Connor Barton Broker C-Store Sale in Ft. Lauderdale (Coral Springs), FL
Ft. Lauderdale, FL – Calkain’s Patrick Nutt and Connor Barton, closed this week on a net-leased Cumberland Farms asset, located at 8900 Wiles Road in Ft. Lauderdale (Coral Springs), Florida. The asset, which sold for $4.9 million, was a newly constructed project with a 20-year absolute NNN ground lease.
The Calkain duo of Nutt and Barton were able to achieve premium pricing for their client, recording a cap rate of 4.60%, one of the lowest cap rate sales for Cumberland Farms.
Barton commented, “Cumberland Farms has developed into one of the most attractive tenants available to Net Lease buyer’s today. The long-term structure of the leases, corporate guarantee, and strong fundamentals create a very sought-after product for buyers looking to place their capital into an income producing asset with minimal risk and zero landlord responsibilities.” Nutt added, “This particular asset checked all the boxes for our buyer, who was in the process of a 1031 exchange. Located just off the intersection of University Boulevard and Wiles Road, an intersection that features grocery-anchored centers on 3 out of 4 corners, this trade area serves as one of the busier retail sub-markets in Broward County, providing the buyer with a stable income stream for years to come.”
Cumberland Farms provided a corporate guarantee with strong financial backing. Located along the highly trafficked Wiles Road with 41,000 vehicles passing the site daily, the site has multiple routes of ingress/egress. Strengthening the placement of the asset are the surrounding retail centers with big box anchors such as Walmart, Bed Bath & Beyond, and Ulta Cosmetics.
Calkain Companies LLC is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, capital markets, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.