Net Lease Press Releases
Calkain
Companies, a national net lease commercial real estate firm, recently brokered
the sale of a multi-tenant, NNN investment in Spring Hill, Florida. The
two-tenant investment property is situated on 1.08+/- acres with high
visibility to busy US HWY 19, just 30 minutes North of Tampa. It is occupied by
Pet Supermarket, based out of Sunrise, Florida. BBB- rated, Humana Marketplace,
headquartered in Kentucky is also a tenant.
The site
is a 9000+/-sf building divided into 7000+/-sf for Pet Supermarket and
2000+/-sf for Humana. Pet Supermarket renewed their lease for 7 years with
structured increases and options and Humana exercised their 2 year option. The
seller, an experienced private owner and long-time client of Calkain, was
looking to liquidate to secure other opportunities. The property sold for
$1.61MM which is a 8% cap rate to a private Florida based buyer completing a
1031 exchange.
Calkain
Associate, Teal Henderson, who was recently tapped to open the new Midwest
office in St. Louis, MO from Tampa, exclusively represented the private seller
and provided marketing and transaction support services throughout the sales
process. The property was initially introduced to the market with quickly
expiring leases. Henderson commented, "We quickly recognized the hurdle of
the current lease terms being unfavorable along with the tertiary and lesser
known Florida location of Spring Hill. We counseled the seller in reaching out
to the tenants and restructuring with more attractive terms. Then after
successful negotiations, we re-introduced the property on the market and
generated a quick contract. A private buyer interested in a Florida property
with an investment grade tenant with ties to the medical industry purchased the
asset." As a NNN ground lease, this investment requires that the tenant
pay for real estate taxes, insurance, and maintenance expenses, which
effectively provides the landlord with a passive, bond-like income stream
through commercial real estate ownership. The transaction occurred within the
last 15 days and will be recorded in the public records.
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, nationally, Calkain has multiple office locations
throughout the Mid-Atlantic, Southeast, Northeast and a new office opening in
the Midwest. Additional information about the firm and listings may be found at
www.calkain.com.
