Last week, Calkain‘s Andrew Fallon, Richard Murphy and Jon Hipp completed the sale of 1731 Carl D. Silver Parkway in Fredericksburg, VA. The $2,825,000 fee simple real estate transaction was based on a landlord friendly net lease structure.
The 33,179 square foot building sits on 2.82 acres located in the 2.5 million square foot Central Park Shopping Center along the I-95 corridor about 50 miles south of Washington, DC. Ample traffic, a recently executed 5-year lease with a guarantee from Williams-Sonoma Stores, Inc., a publicly traded company with over $5 billion in sales, made this an attractive asset for net lease investors.
Fallon, Calkain’s Executive Managing Director, commented, “We knew we’d have a lot of interest in the asset, as this is one of only five Pottery Barn Warehouse concepts nationwide.” He continued, “Everyone knows Central Park as a retail destination, and this Pottery Barn Warehouse draws customers from an extended region.” According to Rich Murphy, in order to attract the most interest, the asset was broadly marketed to attract both regional and national bidders. The strategy paid off; Murphy commented, “We had a competitive bidding process and received multiple offers, which allowed us to drive pricing and select a strong, local buyer.”
The property is prominently situated within the Central Park Shopping Center and included pylon signage on Plank Road at a signalized intersection with approximately 87,000 vehicles per day. A featured point in the sale — the property is scheduled to be re-assessed in 2020, and we expect the buyer will receive a tax benefit.
Calkain Companies LLC 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, capital markets, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.