Herndon, VA – Calkain’s Jonathan Hipp and Natalia Nunno, recently completed the sale of a triple net leased Chick-fil-A in Virginia Beach, VA. The property, located at 4752 Virginia Beach Boulevard, was built in 2017 and the NNN ground lease had built in rent increases. The asset sold at a 4.0% cap rate for $2,912,499.00 to a local 1031 buyer.
Hipp, Calkain’s President and CEO, noted, “With our broad marketing platform, we were able to generate multiple offers and execute a ratified LOI within the first 5 days of bringing the asset to market. Ultimately, we sold at full asking price.”
Nunno, Associate Director at Calkain added, “This property is well situated in a prime retail corridor across from Walmart and Wegmans, and near the Virginia Beach Town Center. The area is booming. It was no surprise we had multiple LOIs immediately after it went on the market.”
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.