Net Lease Retail Transaction closed

Net Lease Press Releases

Calkain Companies Closes Area’s Largest Net Lease Retail Transaction
Transaction Confirms Tremendous Desire for DC Metro Investments


Reston, VA, – Calkain Companies, a national real estate investment brokerage firm, represented both seller and buyer on a cobranded Walgreens (NYSE:WAG) and PNC Bank (NYSE:PNC) ground lease in Fairfax, VA. The transaction sold for $13,800,000 which equated to the largest net leased retail transaction in the Washington, DC area in the last several years.  The sale price represented a 5.90% capitalization rate which is indicative of the reach that Calkain Companies has to match investors with sound real estate investments. 

Jeff Bogart

Jeff Bogart, Tax Strategy Specialist of Calkain Companies, represented both the buyer and seller.  “Ground leases are not as prevalent as fee simple properties and as such, demand is high for Walgreens (Standard and Poors: A+) and PNC Bank (Standard and Poors: A+) quality of credit coupled with the added security of ground lease ownership. Both leases had rental increases every 5 years, which, in comparison to typical Walgreens’ leases, made this property more unique in today’s market. The intrinsic value of the real estate also helped drive the cap rate to 2007 levels as it is located in Fairfax County, Virginia - which has a top 10 national ranking for median household income, at well over $110,000. The buyer, an undisclosed, due to confidentiality agreements, local investor considered himself fortunate to secure such a quality asset.”
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions.  Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware.  Additional information about the firm and its listings may be found at http://www.calkain.com/.