Calkain Companies Brokers $13M Triple Net Multi-Tenant

Newton, MA, November 08, 2014 --(PR.com)-- Calkain Companies recently procured the $13,020,000 sale of a three-tenant retail building anchored by PetSmart located just outside Boston, Massachusetts. Patrick Nutt, Managing Partner located in the firm’s South Florida office, alongside Michael O’Mara, Director based out of Calkain’s Boston office represented the seller JPMCC 2007-CIBC19 Needham Retail, LLC. The buyer, Northland 215 Needham LLC, was also procured by Calkain and closed their purchase of 215-217 Needham Street, Newton, MA on October 16, 2014. The sale represented a 6.46% Cap rate or $522 per square foot of occupied space.

The 24,930+/- SF property was a former Filene’s Basement located along Needham Street in a core retail market within the greater Boston MSA. The seller took control of the asset after Filene’s vacated due to bankruptcy and were able to successfully stabilize the property with three strong national brands; PetSmart, Men’s Wearhouse, and Five Guys Burgers and Fries. Each of these tenants signed new 10-year leases with rental escalations varying over the term.

Leveraging their national expertise selling single & multi-tenant net leased assets, Calkain was able to bring local market knowledge of not just the Boston MSA but specific assets in the surrounding blocks to maximize value for the sellers. O’Mara stated, “The market displayed a pent up demand from all buyer pools for strong stabilized net-leased property within the Rte. 128 corridor.” O’Mara continues, “We were able to generate attractive competitive bids from national REIT’s, institutional retail investors, along with a host of Boston based real estate entities.”

Basic real estate fundamentals added to the stabilized credit-driven demand for the Newton, Massachusetts property. Nutt adds, “Considering the site is less than a mile from Rte. 128 and features a five mile population of nearly 140,000 with incomes over $130,000, this was a strategic site for these well-known retail brands.” Nutt continues, “The seller did a great job in retrofitting and renovating an older asset, and given its location and size, it will be a trophy in any investors portfolio for a long time to come.”

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.