Calkain Companies Has Record Breaking Net Lease Transaction ($24,700,000) in Tysons Corner, VA
Tysons Corner, VA, June 09, 2014 --(PR.com
)-- Calkain Companies announces that it has sold the newly constructed CVS drug store at 8117 Leesburg Pike in Tysons Corner, VA. The transaction broke several records for the entire net lease industry which primarily focuses on single tenant, commercial real estate occupied by tenants signing long term leases. The roughly one acre property had a sale price of $24,700,000 which equated to $1,915.00 per building square foot and over $24,455,000 per acre. The sale price per building square foot and price per acre had never been reached before in this market and shatters the other recent Calkain market record of $1,672 per square foot for the Starbucks building in Washington, DC that it sold in March 2014. Additionally, through Calkain's marketing efforts, negotiating abilities and reputation in the global real estate industry, the property's capitalization (cap) rate also set a record low for CVS drug stores throughout the entire nation at 4.97%.
Jonathan Hipp, Calkain President and Chief Executive Officer, along with Andrew Fallon, Managing Director and Jonathan Florin, Director, represented the sellers, Regency Centers and J. Donegan Company, in the May 2014 transaction. Hipp commented, "Since our inception in 2005, we knew we had the experience and market knowledge to successfully handle high profile transactions such as this CVS. We are thankful to Regency and J. Donegan for having the confidence in Calkain to represent them in this record breaking transaction. It was through this solid relationship that ultimately allowed us to find the best buyer to pay the highest price." Fallon continued, "Through our outreach and marketing process we were able to generate multiple offers for this asset and while many domestic investors submitted compelling proposals, the eventual buyer was from the Middle East and purchased the property in conjunction with The Rappaport Companies. This transaction is a testament to the fact that Calkain continues to work harder in order to find the best opportunities and executions for our clients." The transaction is recorded in the public record.