Ft. Lauderdale, FL – Calkain’s Patrick Nutt and Connor Barton, closed this week on a net-leased multi-tenant building fully leased to Starbucks Coffee and Aspen Dental. The property, located at 1590 N Broadway Avenue in Bartow, Florida, sold for $3,850,000. Calkain, in conjunction with the owner, streamlined the due diligence process and enabled the international buyer to close more than two weeks ahead of schedule.
This asset is a newly constructed center and has ten-year leases in place with corporate guaranteed tenants with 10% rent increases every five years. “We’re seeing properties like this garner a lot of attention in the marketplace these days,” stated Barton. “Investors are seeking out the higher yields from the multi-tenant properties than can be achieved with many of the same tenants going into true single tenant buildings. Multi-tenant strip centers are trading at one to two hundred basis points higher, have minimal owner involvement, and spread the risk by having more than one tenant.”
Nutt and Barton currently have additional multi-tenant assets for sale. For more information on these, or on the Bartow, FL transaction, please contact Barton at firstname.lastname@example.org.
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.