Net Leased to Bed Bath & Beyond (andThat! and Harmon Face Values)
Calkain’s Rick Fernandez, Senior Managing Director, recently completed the sale of 13065 Fair Lakes Center in Fairfax, VA. The property includes a 5-acre parcel with 37,000 square feet of improvements and is guaranteed and net leased to Bed Bath & Beyond, Inc operating under its boutique concepts and That! and Harmon Face Values. The property traded for $7.5M, a 6.15% cap on current rent.
The highly adaptable retail location underwent a $3M+ renovation in 2017 and is adjacent to Michael’s, Home Goods and the Walmart Supercenter in the 1 million square foot Fair Lakes Center. “There was significant interest and multiple offers from private and institutional buyers for the property,” commented Fernandez. “The buyer, on a 1031 exchange, was looking to expand its investment portfolio and the ideally situated property, together with the 15-year landlord friendly Bed Bath & Beyond lease offered generational real estate with long term potential for income growth.” Fernandez continued.
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.