Lake Worth, FL, June 29, 2014 --(PR.com
)-- Calkain Companies recently brokered the sale of Plaza II, a newly constructed retail center near the highly trafficked intersection of Lantana Road and Jog Road in Lake Worth, Florida. Calkain’s Managing Partner, Patrick Nutt and Managing Director, Michael Zimmerman ran the transaction from “concept to closing,” representing the seller, Rosemurgy Properties, as well as the buyer, a private group based out of New York.
The $6,500,000 acquisition satisfied the buyer’s acquisition requirements of a 1031 tax-deferred exchange, closing on May 30, 2014. The property, located at 6201 South Jog Road, is comprised of two buildings with a total of 14,250 square feet located on what was the last parcel of undeveloped land at an intersection surrounded by nearly one million square feet of retail space. The shadow nature of this retail maintains a steady flow of consumers, but the prime visibility and new construction is what ultimately secured the tenants to this property.
“Plaza II was a great opportunity to show the market a beautifully built retail center occupied by a perfect blend of national and regional tenants,” said Nutt. “Rosemurgy Properties did a great job of executing on this one, balancing tenant mix and lease term.” The property is occupied by Tijuana Flats, Supercuts, Vision Source, Sprint, and Pollo Tropical. Zimmerman added, “This attracted offers from investors of all background, the ability to blend your risk while securing a great piece of real estate and stable long-term tenancy is rare in our current supply-constrained market.” The reputation of Calkain’s South Florida office as the dominant provider of net lease investments within Florida draws investors from around the globe. We were able to secure multiple offers providing our client with the most favorable closing options.” The transaction closed within the last thirty days and is recorded in the public record.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. 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.