Calkain Represents International Buyer in Acquisition of $4.175MM Bank of America Ground Lease
Calkain
Companies, a national commercial real estate firm, successfully brokered a
single-tenant net lease transaction in which a private international buyer
acquired a Bank of America (NYSE: BAC) ground lease property in Fort Worth, TX.
The 1.26 acre parcel is leased to Bank of America, which corporately guaranteed
the terms of the lease. The triple net lease terms were for a period of 15
years, with structured rent increases and renewal options. The buyer completed
the transaction as part of a 1031 exchange.
Calkain’s
Andrew Fallon, Assistant Vice President, and Jerry Burg, Managing Director,
represented the international buyer, and provided due diligence and transaction
support services throughout the purchase process. The asset is well located
along a major retail corridor within Fort Worth, TX. The asset was attractive
given the location, landlord friendly lease terms - including structured rental
increases, and the creditworthiness of Bank of America. The net lease terms
associated with the 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.
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.