Calkain Companies Broker 5-Tenant, 8-Acre Restaurant Park for $9.55M, 5.98% Cap

Reston, VA, September 21, 2014 --(PR.com)-- Calkain Companies recently brokered the sale of the Ashburn Crossroads Restaurant Park, a 8.3-acre site featuring five national net lease restaurant tenants. The property, located in Ashburn, VA, was developed in 2006 and includes three single tenant restaurants (IHOP, Bertucci’s and Fuddruckers), a two-tenant retail building leased to Starbucks and Potbelly, and two vacant pad sites ready for retail development. The sales price of $9,550,000 was above the asking price, and represents a 5.98% CAP rate based on in-place income. The seller, Ashburn Crossroads Restaurants, L.L.C., was a local developer and the purchaser, Tysons Properties, L.L.C., is a local family who was engaged in a 1031 tax deferred exchange.

Andrew Fallon, Managing Director and Jonathan Florin, Director, exclusively represented the seller and directly procured the 1031 buyer. The purchaser had recently sold a Tysons Corner property, which was adjacent to one of the new Metro stations. Fallon commented, "The Ashburn Restaurant Park was a unique offering within Loudoun County and the Greater Washington Metro area. Calkain procured the eventual purchaser as they were trading out of a Tysons Corner, Virginia property being sold to a developer for a Metro Silver Line assemblage. The Ashburn property was on the market for less than a month and closed escrow within three weeks. Jon Florin explained, "Through our outreach and bid process, we were able to generate multiple offers for this asset and while a broad base of investors submitted compelling proposals for a purchase, the ultimate buyer was local and wanted to re-invest in this community.” Fallon continued, “This transaction is a testament to the demand for Washington DC assets and the positive impact that Metro’s Silver Line is having on the local development and investment landscape."

The transaction is currently 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. 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.