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Earlier this month, Calkain Companies successfully brokered a single-tenant net lease transaction in which a private international buyer acquired a Wells Fargo Bank (NYSE: WFC) ground lease property. The 21,518 square foot parcel, located in Houston, TX, was leased to Wells Fargo, which corporately guaranteed the terms of the lease. The triple net lease term was for a 15 year period, with structured rent increases and renewal options. The buyer completed the transaction as part of a 1031 exchange.
Calkain Companies’ Assistant Vice President, Andrew Fallon, and Managing Director, Jerry Burg, represented the international buyer. They each provided due diligence and transaction support services throughout the purchase process. The asset was attractive to the buyer given the location along a major retail corridor, Wells Fargo’s creditworthiness and the landlord friendly lease terms. The net lease terms associated with the investment requires that the tenant pay for real estate taxes, insurance, and maintenance expenses – which effectively provides the landlord with a passive, bond-like income stream through commercial real estate ownership.
Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, nationally, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast and Northeast United States. Additional information about the firm and listings may be found at www.calkain.com.
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