Net Leased Dollar General Sold

Net Lease Press Releases


$1.34MM Sale of Richmond, VA Dollar General Store


Calkain Companies’, a national real estate investment brokerage firm, recently sold a Dollar General (NYSE: DG) net lease investment property located in Richmond, VA. The transaction closed within the past 30 days, and illustrated the compressing cap rates within the net lease segment of the market. The seller was a regional real estate development and management company based in the Southeast. As a preferred developer for Dollar General, the same seller used Calkain to procure similar sales in Madison, VA and Ferrum, VA within the past 60 days. These Dollar General properties were recently developed as part of Dollar General’s built-to-suit program, and the stores have brand new 15-year triple net leases, which provide passive income for the new owner.

Not actual site.

Calkain’s Andrew Fallon, Associate, facilitated the transaction, providing exclusive representation to the Seller, who developed the site for Dollar General. The Richmond store was highly sought-after given its in-fill location, surrounding demographics, and the favorable lease structure. Fallon comments, “As Dollar General continues to roll out new stores in new markets, it’s rare to find a brand new in-fill location with such strong demographics in major markets.” The buyer was a Virginia-based investor seeking stable income as a passive real estate owner. Continued Fallon, “The 15-year triple net lease with Dollar General’s guaranty provided a strong income stream for the buyer, who will have limited to no management responsibilities”. The buyer financed the purchase using a regional bank.

In July 2011, S&P raised Dollar General’s credit rating to BB+, the top rung before entering investment-grade territory and Moody’s raised its rating on the company to Ba2, which is two steps below investment grade on its scale. Dollar General Corporation is the nation’s largest small-box discount retailer, with more than 9,300 stores and 2010 sales in excess of $13.04 Billion.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services. Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at www.calkain.com.

NNN La-Z-Boy Furniture Galleries of Washington DC Sold

Net Lease Press Releases


Calkain Companies', a national real estate investment brokerage firm, recently completed the sale of a 16,510 SF showroom leased to La-Z-Boy Furniture Galleries of Washington DC, Inc on a long-term, NNN basis. The purchaser was a local investment group seeking a passive, incoming-producing asset. Being local, the purchaser was attracted to the stable Newport News market and the performance of the store. The 1.52 acre property is located at 11967 Jefferson Avenue, Newport News, Virginia.

La-Z-Boy FurnitureNewport News, Virginia

Calkain's Bob Browning and Andrew Fallon brokered the transaction, providing exclusive representation to the seller of the showroom facility.  La-Z-Boy, the long-term tenant of this property, recently renewed their lease and made significant improvements to the building and showroom area.  Browning & Fallon commented, "The capital investment and lease term commitment that La-Z-Boy made indicated the strength of this location and market." The transaction closed within the past thirty days and is recorded in public record.
Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.  Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA.  Additional information about the firm and its listings may be found at www.calkain.com

NNN Brokers Closes South Florida Asset at Over $900 Per Square Foot

Net Lease Press Releases

Triple Net (NNN) Assets Still Driving Investor Demand

Calkain Companies, a national real estate investment brokerage firm, recently completed the sale of a 5,170 SF investment property leased to Blue Cross/Blue Shield of Florida on a long-term, triple net (NNN) basis. The purchaser was a private investor from New York seeking a passive, incoming-producing asset leased to a credit tenant. The property is an outparcel to the Sawgrass Mills Mall.  The sale price of $4,800,000 equates to $928.43 per square foot which exemplifies the strong desire for triple net leased assets in today’s investment market. 

Sunrise, FL

David Sobelman, Calkain’s Executive Vice President, personally represented the seller of the build-to-suit asset in Broward County, FL.  Sobelman stated, “Calkain has consistently proven that its systematic approach in helping clients procure NNN transactions ultimately sets the market for value.  This asset, even with its high price per square foot, generated multiple offers from purchasers around the US and from three other countries.  Selling at 99.43% of the asking price, Calkain’s efficient approach was confirmed with this transaction.”

The transaction closed within the last thirty days and is recorded in the public record.

Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services.  Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA.  Additional information about the firm and its listings may be found at www.calkain.com