NNN Lease Property Sells for over $4MM in DC Market
Although
triple net leased acquisitions are hard to find in in the greater Washington DC
market, Betty Friant, Vice President at Calkain Companies, recently brokered
the sale of a NNN leased day care facility in Gainesville, VA for just over $4
million at a very attractive 8.64% cap.
The
tenant signed a new absolute triple net lease on the 10,530+/- square foot
state-of-the-art facility located near the entrance of the private Lake
Manassas Development with its signature Robert Trent Jones Golf Club. Betty
Friant exclusively represented the developer/landlord in the transaction. The
property was introduced to the market with corporate and personal guarantees
and a 15 year lease term with annual escalations beginning in year three.
“Day
Care facilities provide a very attractive investment,” said Friant. “With
McDonald’s and other credit tenants on the market in the 4% to 5% cap rate
range, the 8.5+% cap on a day care gives investors another option. The
fundamentals of the underlying real estate are important in the acquisition of
a day care as they are with any real estate purchase, so a great location and
market rents are crucial,” she added. Calkain currently has other day care
facilities on the market for sale in the 7.5% to 8.5% cap rate range.
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