NNN
Property Sells for over $4MM in Washington DC
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 NNN 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 LakeManassas 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.
