Calkain Brokers Multi-Tenant Retail Deal, Shattering Net Lease Records in Leesburg, VA
Herndon, VA – Edwards Ferry Crossing, a multi-tenant retail center located at 1008 Edwards Ferry Road in Leesburg, VA, traded hands this week, setting new records for a net lease sale in Loudoun County. The three-tenant center, fully leased to Potbelly Sandwich Shop, Great Clips and Panda Express, sold for $4.82 Million, achieving $925 PSF and a cap rate of 5.47%. Calkain’s Jonathan Hipp and Natalia Nunno represented the seller in the transaction.
As arguably one of the most prominent retail locations in all of Loudoun County, J Donegan Co. carefully selected this location for development. The center sits adjacent to Chick-fil-A in the Target, Kohl’s and Costco anchored center highly visible from Route 15 Bypass. “We were extremely excited to purchase this undeveloped pad site, and were confident Calkain would again help us maximize the value of our asset,” stated Jay Donegan, the company’s founder. It wasn’t too long ago that Calkain teamed with J Donegan Co when they developed a CVS in Tysons, and Calkain set record highs in that transaction as well.
“Donegan set it up beautifully,” stated Hipp, Calkain’s president and CEO, referring to Edwards Ferry Crossing. “The strong location and new construction coupled with long term leases with investment grade tenants, enabled us to market this NNN asset as a unique opportunity to invest in one of the most affluent areas of the country.” In the end, Calkain received multiple offers and selected a buyer with a high probability of closing, and a win for both sides of the transaction.
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.