NNN Ground Lease at 7136 Montevideo Road in Elkridge, MD
Herndon, VA – Jonathan Hipp, President & CEO at Calkain Companies, recently completed the sale of the newly built Royal Farms convenience store at 7136 Montevideo Road in Elkridge, Maryland. Hipp represented a local developer in the disposition of this 20-year NNN ground lease in a $4,100,000 sale.
“We executed a favorable deal for our client, achieving a 5.12% cap rate. The new 20-year lease structure with multiple renewal options demonstrated the tenant’s commitment to the site. With the corporate-backed guarantee on the lease it was an attractive investment – made evident with the amount of interest we had on the asset,” stated Hipp.
The newly constructed asset has frontage along the busy US Route 1, is adjacent to a newly built CVS and is situated across from Ryan Homes at Howard Square. Bordering between Elkridge and Jessup, Maryland, the area has experienced steady population growth since 2000. Royal Farms has over 200 locations throughout the Mid-Atlantic area.
Avison Young’s Net Lease Investment Sales Group led by Asher Wenig represented the buyer in this transaction.
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 a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at calkain.com.