In a further sign that the Gulf Coast retail market remains healthy — at least for triple net deals involving credit tenants — a Tampa-based investment firm has sold 14 properties occupied by Applebee’s restaurants for $46 million.
Each of the stand-alone restaurants, from the Orlando metropolitan area throughout the Gulf Coast, has between 17 years and 20 years left on its lease.
The going-in capitalization rate for the properties was 5.9%, says David Sobelman, executive vice president and managing partner for the Tampa office of Calkain Cos., a Virginia-based commercial brokerage firm that specializes in net leases properties.
Tampa, FL – David Sobelman and Teal Henderson of Calkain Companies completed a $46 million portfolio sale of Applebee’s-occupied real estate. The fourteen (14) triple net lease (NNN) assets, located primarily in West and Central Florida, were sold to individual buyers for each location. Buyer interest came from as far away as South America, China and Europe but the majority of the assets were sold to US-based investors looking for passive income attached to strong real estate locations. The decision was made by the seller to patiently sell each asset in the open market which yielded Calkain’s client over an …
ORLANDO, FL—Teal Henderson, a director at Calkain Companies, likes what she sees in the net lease market. Indeed, when it comes to capital flow, she tells GlobeSt.com the net lease asset market is still extremely active with Florida being at the top of the market lists.
Henderson is a speaker at the upcoming RealShare Central Florida event Sept. 7 in Orlando. She will take a seat on the State of Central Florida’s Capital Markets Panel.
“There is still a considerable delta between the inventory of quality net leased assets and the investors ready, able and seeking to …
Tampa, FL – Continuing with their national presence, Calkain Companies will be moderating panels in the next couple of months at various real estate events. David Sobelman, Executive Vice President and Managing Partner, along with Patrick Nutt, Managing Partner, will be moderating a Net Lease Special Industry Group at the Florida ICSC show in Orlando on August 22. Although they will be the only two speakers on the panel, the entire Florida Calkain team will be attending the event.