Shopping center owners are having no trouble financing their properties, despite some of the negative commentary swirling around the retail industry, RECon panelists said Monday. “It’s a great time to be a borrower,” noted Michael Phillips, a managing principal at Lubert-Adler Partners.
Jon: Most obvious was that attendance was down significantly, but that made way for better conversations. Everyone was quite positive. All the past chatter about the “Retail Apoclypse” has subsided, not once did I hear any negative chatter. The focus was on doing deals and getting business done. It was a very productive show.
Brokers Nutt and Aronson Represent CMBS Special Servicer in Successful Sale
Ft. Lauderdale, FL – Calkain Companies LLC, led by Managing Partner Patrick Nutt and Managing Director Doug Aronson, recently sold a medical property leased to Primary Care of the Treasure Coast, a full service medical practice in Vero Beach, FL.
The property traded for $6,500,000 and was purchased by a Florida-based 1031 exchange buyer. Calkain represented the seller, an entity affiliated with LNR Partners, LLC, a Miami Beach based real estate investment and management company and a CMBS special servicer.
“Calkain continues to demonstrate an immense proficiency on LNR’s …
Patrick Nutt Closes His 23rd Net Lease Wawa Transaction
Fort Lauderdale, FL – Calkain Companies brokered the $6.13M sale of a Wawa located at 1771 S Congress Avenue in West Palm Beach, Florida. Patrick Nutt, Managing Partner, and Scott Campbell, Associate Director at Calkain, represented the seller in this most recent Wawa transaction. With new construction and 20 year ground leases, the stability of Wawa lends itself to be a solid fixed income investment.
Wawa is a highly sought after investment grade national tenant, ranked #40 in Forbes top private companies with $9B in revenue. Having closed two Wawa …
Fort Lauderdale, FL – Calkain Companies, America’s Net Lease Company, has sold another PDQ restaurant property bringing to five the number of PDQ’s the firm has sold on behalf of the parent corporation and its related entities. The property, outside Jacksonville, Florida, traded for $3,000,000.00.
PDQ is becoming a better known national chicken concept as they now have nearly 60 units operating in eight states,” said Patrick Nutt, Managing Partner at Calkain.
“Investors seem to have an affinity for the quality real estate and high traffic generated at a PDQ location, and with the growing brand comes improving creditworthiness, all …
Ft. Lauderdale, FL – The Calkain team of Patrick Nutt, Sheree Strome and Keelee Peterson represented the seller in the disposition of Miller’s Ale House in Alpharetta, Georgia earlier this week. Selling at $3,250,000 with a 6.61% cap rate, the deal illustrates the strength in the restaurant sector of the net lease marketplace.
Miller’s Ale House is located in an extremely high traffic area in the core of Atlanta’s retail market with over 3,000,000 square feet of surrounding retail. Having recently extended their lease with a new 10 year term, this long-tenured Ale House location was attractive to investors.
Ft. Lauderdale, FL – Calkain Companies has brokered the sale of a two-tenant strip center in St. Petersburg, FL. The property, featuring new 10-year leases with Sleep Number and BayCare Urgent Care, along with a Wells Fargo ATM, traded for $3,900,000 representing a 6.01% cap rate.
“Like a lot of our Florida properties, this center garnered a lot of interest,” said Patrick Nutt, Managing Partner at Calkain. “Considering the location, this was one of the higher yielding assets due to the multi-tenant structure and investors quickly took notice,” added Nutt.
The property was built new in 2016 and offers excellent …
Atlanta, GA – Calkain Companies’ team of Patrick Nutt, Managing Partner, Sheree Strome and Keelee Peterson, both Associate Directors, have recently sold a property in Sumter, South Carolina occupied by Walgreens (NYSE:WBA) pharmacy. Walgreens occupies this location under a long-term 15 year lease on an absolute NNN basis. The property is located on Pinewood Road near the intersection of McCrays Mill Road.
Calkain’s marketing efforts generated multiple offers to purchase this net leased asset, ultimately executing the deal for $5,078,063 to a private buyer facilitating a tax-deferred 1031 exchange.
The stability of having an investment grade tenant, coupled with a
Calkain’s Managing Partner, Patrick Nutt and Executive Managing Director, Andrew Fallon have recently completed the sale of the Dunkin’ Donuts property located at 2266 Ocoee Apopka Rd, Ocoee, FL 34761. The 2,126 square foot building is 100% leased to Dunkin’ Donuts and sold for full asking price at $1,375,000. The newly constructed building is situated on the corner of Ocoee Crown Point Pkwy and Ocoee Apopka Rd.
According to Nutt, “The supply versus demand issues have been affecting net lease in various ways over the past 6-12 months, with some asset classes observing a slight expansion in cap rates due …
Fort Lauderdale, FL – Patrick Nutt, Managing Partner of Calkain Companies, America’s Net Lease Company®, along with Associate Director Scott Campbell, recently sold a Family Dollar in Melbourne, Florida. The South Florida brokerage team generated multiple offers for the property and were able to sell the asset at 98% of the asking price. The standalone Family Dollar has a brand new 15 year NNN lease, making it an attractive deal for investors looking for real estate in the income tax free state of Florida.
Investors are seeing an inherent value in the dollar store space, specifically with