NNN Lease Market News
La-Z-Boy Furniture NNN Investment Sale in Newport News, VA
Calkain Companies', a national real estate investment brokerage firm, recently completed the sale of a 16,510 SF showroom leased to La-Z-Boy Furniture Galleries of Washington DC, Inc on a long-term, NNN basis. The purchaser was a local investment group seeking a passive, incoming-producing asset. Being local, the purchaser was attracted to the stable Newport News market and the performance of the store. The 1.52 acre property is located at 11967 Jefferson Avenue, Newport News, Virginia.
Calkain's Bob Browning and Andrew Fallon brokered the transaction, providing exclusive representation to the seller of the showroom facility. La-Z-Boy, the long-term tenant of this property, recently renewed their lease and made significant improvements to the building and showroom area. Browning & Fallon commented, "The capital investment and lease term commitment that La-Z-Boy made indicated the strength of this location and market." The transaction closed within the past thirty days and is recorded in public record. A NNN Investemnt is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three 'Nets') on the property in addition to any normal fees that are expected under the agreement (rent, etc.). In such a lease, the tenant or lessee is responsible for all costs associated with the repair and maintenance of any common area.
This form of lease is frequently used for commercial freestanding buildings. However, it has also been used in single family residential rental real estate properties.
Calkain is a full service real estate investment brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions as well as asset management, tax planning, and advisory services. Calkain has offices in Reston, VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston, MA. Additional information about the firm and its listings may be found at http://www.calkain.com/
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