Calkain Companies Brokers $9.6M Net-Leased Office/Industrial

Panama City Beach, FL, December 12, 2014 --( Calkain Companies recently procured the $9,600,000 sale of a single-tenant office/industrial building anchored by Booz Allen Hamilton located in Northwest Florida. Stephen Counts, Associate Director, located in the firm’s Atlanta office, alongside Brian O’Hear, Director, based out of Calkain’s Reston, VA office represented the seller, Skyview Development. The Booz Allen Hamilton property located at 1300 Thomas Drive, Panama City Beach, FL closed on November 14, 2014. Calkain was able to procure the seller multiple offers resulting in an all-cash, full price offer with a 20 day due diligence and 15 day close.

The 83,000+/- SF property was originally a build-to-suit for Arinc Incoporated’s engineering services and in 2012 Booz Allen Hamilton purchased Arinc’s engineering services for approximately $154 million dollars. The property is located across the street from The Panama City Naval Base, which is one of the tenant’s largest clients. Booz Allen Hamilton is a leading provider of management consulting, technology, and engineering services to the US government in defense, intelligence, and civil markets, and to major corporations and not-for-profit organizations. Booz Allen Hamilton is headquartered in McLean, Virginia, employs nearly 23,000 people, and had revenue of $5.48 billion for the 12 months ending March 31, 2014.

Leveraging their national expertise selling single tenant net leased assets, Calkain was able to bring knowledge of not just the Northwest Florida market but also contract awards related to The Panama City Beach Naval Base locally and Booz Allen Hamilton nationally to maximize value for the sellers. Counts stated, "Both the Panama City Beach Naval Base and Booz Allen Hamilton have been awarded significant local and national contracts in the past few years. This adds to the security and strength of this asset going forward. Given its proximity to the Naval Base, it will be a cornerstone asset in the investors’ portfolio for a long time to come."

O’Hear added, “This transaction illustrates the Calkain platform in bringing our scope of services to our clients. Our ability to underwrite the project, having a full understanding of the tenants lease and the client it serves allowed us to market the asset accordingly. The investor community understood the dynamics of the lease resulting in a competitive bidding arena with three very qualified groups. The purchaser worked with Calkain in an orderly fashion to complete the sale.”
Calkain Companies
Tyler Hickey
(813) 463-8385