NNN Lease Market News
Tampa, FL – Calkain Companies, a national real estate investment brokerage firm, has procured the sale of two separate net leased medical office buildings. One asset was located in Austin, Texas while the second property was situated in Anderson, South Carolina. Both facilities were operated under the brand name Affordable Dentures by Affordable Care Industries, a private company with over 150 locations nationwide. Patrick Nutt, Senior Associate of Calkain Realty Advisors, the private market division of Calkain Companies, represented the seller in both transactions.
The Texas property, located at 8136 Tuscany Way, was built for the tenant in 2008. The purchaser, a locally based Limited Partnership, made the $1,400,000 acquisition through a limited partnership as part of a IRC section 1031 exchange. The Seller, One Acre LLC, was the original owner of the property that constructed the 2,972 square foot build to suit facility for Affordable Care Industries. The purchaser was attracted to the local nature of the facility as well as the long term lease in place.
The South Carolina transaction, sold by a private investor, was purchased by Rutledge Realty Inc, a family owned investment company based in Anderson. The dental facility was located at 3004 North Main Street and was situated on just over 0.5 acres of land. As with the Austin property, this site had a long term lease in place with scheduled rent increases throughout the initial 12 year term.
Nutt commented, "Although Affordable Care is a private company, once we were able to open a dialogue with the tenant, both purchasers were very more than comfortable with the financial strength of the company". Investors generally put an emphasis on the lease terms, credit of the tenant, and underlying real estate, Nutt continued, "beyond the typical underwriting, both purchasers were attracted to the stable nature of the tenant’s medically related business, as well as the specialty build out required for this tenant which shows further commitment to the site from Affordable Care".
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
The Texas property, located at 8136 Tuscany Way, was built for the tenant in 2008. The purchaser, a locally based Limited Partnership, made the $1,400,000 acquisition through a limited partnership as part of a IRC section 1031 exchange. The Seller, One Acre LLC, was the original owner of the property that constructed the 2,972 square foot build to suit facility for Affordable Care Industries. The purchaser was attracted to the local nature of the facility as well as the long term lease in place.
The South Carolina transaction, sold by a private investor, was purchased by Rutledge Realty Inc, a family owned investment company based in Anderson. The dental facility was located at 3004 North Main Street and was situated on just over 0.5 acres of land. As with the Austin property, this site had a long term lease in place with scheduled rent increases throughout the initial 12 year term.
Nutt commented, "Although Affordable Care is a private company, once we were able to open a dialogue with the tenant, both purchasers were very more than comfortable with the financial strength of the company". Investors generally put an emphasis on the lease terms, credit of the tenant, and underlying real estate, Nutt continued, "beyond the typical underwriting, both purchasers were attracted to the stable nature of the tenant’s medically related business, as well as the specialty build out required for this tenant which shows further commitment to the site from Affordable Care".
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
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