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 …
Tampa, FL – The International Council of Shopping Centers (ICSC), the industry’s largest retail commercial real estate association with over 70,000 members in over 100 countries, has named David Sobelman its sole faculty member focused on triple net lease investments. Sobelman was chosen to lead ICSC’s education platform for its membership which will include presentations at various locations throughout the country including their annual conference, known as RECON, which typically hosts about 35,000 attendees in Las Vegas, NV.
Being selected as ICSC’s first leader in the net lease segment of commercial real estate is truly a testament to his dedication …
Tampa, FL – David Sobelman, Executive Vice President and Managing Partner of Calkain Companies, has procured the sale of a portfolio of gas and convenience stores in Phoenix, AZ. Sobelman, never having turned down a challenging assignment, was able to evaluate, market and ultimately sell the portfolio that is occupied by local sole proprietors and guaranteed by a distributor of the Valero-branded stores.
All parties were very happy with the outcome of this transaction as it provided partial liquidity for my client and also became an accretive addition to the buyer’s, an undisclosed private real estate investment trust
Tampa, FL – David Sobelman, Executive Vice President and Managing Partner of Calkain Companies, has successfully completed another 1031 exchange for an exclusive client. Sobelman ultimately saved the client roughly $2 million in potential capital gains taxes. Sobelman was tasked with providing a stable, predictable and long-term income stream for a family who inherited an apartment building owned by the previous generation for over 50 years. Upon the sale of the apartment building, the children wanted to use the IRS’s 1031 exchange tax code to allow them to defer their capital gains taxes with the purchase of other real estate …
Tampa, FL – Earlier this week, Calkain attended the ICSC Florida Conference and Deal Making show in Orlando, Florida. For the second year in a row, Calkain facilitated the Special Industry Group (SIG) session on Net Lease Development and Sales.
Having worked with ICSC since the inception of this SIG program, David Sobelman, Executive Vice President and Managing Partner at Calkain, stated
The net lease sector continues to be a focus for investors with growing interest in net lease from all retail real estate practitioners. Net lease is a true industry sector, not just a niche topic for a select
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.
1031 Exchange buyers and private investors looking for yield drive demand, but stabilizing cap rates suggest this cycle is nearing the top.
Hunger for yield and still-low interest rates — the dynamics that have fueled a robust net lease investment market for retail properties over the past few years — remain in place so far in 2016, but emerging signs suggest that prices are nearing their peak as recession worries continue to mount.
Institutional, high net-worth and foreign investors make up a good chunk of net lease buyers, who are plowing money into Family Dollar stores, Walgreens properties, quick-service restaurants, …
The strong investment sales environment in the past two years has created a booming 1031 exchange market. Yet renewed discussion about potential tax code reforms and an intensely competitive sales market is casting a bit of a shadow on the sector.
Sales motivated by 1031 buyers are back to pre-recession levels of 2005-2007, says David Sobelman, executive vice president and managing partner at Calkain Co., a brokerage firm that specializes in the net lease sector. At Calkain, 1031 exchange-driven sales took a precipitous drop when the recession hit, falling to about 5 percent of transactions. Now that business has rebounded …