Triple
Net lease Property Sells for over $4MM
Although
triple net leased acquisitions are hard to find in in the greater Washington DC
market, Betty Friant, Vice President at Calkain Companies, recently brokered
the sale of a triple net leased day care facility in Gainesville, VA for just over $4
million at a very attractive 8.64% cap.
The
tenant signed a new absolute triple net lease on the 10,530+/- square foot
state-of-the-art facility located near the entrance of the private Lake
Manassas Development with its signature Robert Trent Jones Golf Club. Betty
Friant exclusively represented the developer/landlord in the transaction. The
property was introduced to the market with corporate and personal guarantees
and a 15 year lease term with annual escalations beginning in year three.
“Day
Care facilities provide a very attractive investment,” said Friant. “With
McDonald’s and other credit tenants on the market in the 4% to 5% cap rate
range, the 8.5+% cap on a day care gives investors another option. The
fundamentals of the underlying real estate are important in the acquisition of
a day care as they are with any real estate purchase, so a great location and
market rents are crucial,” she added. Calkain currently has other day care
facilities on the market for sale in the 7.5% to 8.5% cap rate range.
Calkain
Companies is a boutique commercial real estate brokerage firm which specializes
in assisting buyers and sellers with single and multi-tenant retail,
industrial, hotel and office net leased transactions. While licensed to conduct
business in many states, Calkain has multiple office locations throughout the
Mid-Atlantic, Southeast, Northeast and Midwest. Additional information about
the firm and listings may be found at www.calkain.com.
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