Herndon, VA – Rick Fernandez, Senior Managing Director at Calkain Companies, recently completed the sale of the 90% leased, 12,336 square foot Courthouse Shops, located at 6921 Commons Plaza and the fully leased 19,876 square foot Cloverhill Shops, located at 13918 Hull Street, both properties are just south of Richmond, VA. The centers are well-situated with national anchors and great visibility along main retail trade areas. Calkain represented the seller in the $8.35M transaction that sold at a 7.56% cap rate to a private investment group out of Baltimore, MD.
“There was significant interest and multiple offers from private and institutional buyers for each property” commented Fernandez. “The buyer, on a 1031 exchange, was looking to expand its investment portfolio into the Richmond market and the strong, long standing tenant history, market demographics and potential for income growth fit their acquisition criteria,” Fernandez continued.
The transaction closed within the last thirty days and is recorded in the public record.
Calkain Companies LLC is a commercial real estate brokerage specializing in assisting buyers and sellers of single and multi-tenant net-leased properties. Calkain delivers a global buying audience to a highly sought after, client-focused platform that covers all aspects of the transaction including advisory, brokerage, asset management, capital markets and research. Additional information about the firm and listings may be found at www.calkain.com.