Fort Lauderdale, FL – Calkain’s South Florida office recently brokered the sale of a NNN CVS Ground Lease in Plantation (Fort Lauderdale), FL. Patrick Nutt, Managing Partner, Doug Aronson, Director, and Scott Campbell, Associate Director, represented the seller.
The team generated multiple offers, ultimately selling the property to a 1031 all cash buyer based in New York. The transaction closed at a 4.67% cap rate, representing the desirability of South Florida triple net investments.
Calkain’s national reputation as the leading provider of net lease investments, coupled with the Florida location and strong lease terms of this particular property, offered the New York based buyer exactly what he wanted for his investment portfolio,” commented Nutt.
“Properties in strong locations with long term leases, especially in South Florida, are in limited supply today. So when an asset like the CVS becomes available, it quickly becomes a competitive process for investors,” continued Aronson. Campbell added, “This is yet another example of the high demand of stability the net lease market warrants from investors when combining quality tenant credit, superior location and a longer term remaining on the lease.”
Calkain Companies 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, debt placement, equity placement, asset management and research. Calkain has multiple office locations servicing the Mid-Atlantic, Southeast and Northeast markets. Additional information about the firm and listings may be found at www.calkain.com.