Brandon Verizon Net Lease Sale (sold)
Brandon, FL Verizon Net Lease Sale Solidifies Direction of Investment Market
$570 Per Square Foot Sale Exemplifies Current Quality Real Estate Investments
Tampa, FL "" Calkain Companies, a national real estate investment brokerage firm, has procured the sale of a triple net (NNN) lease Verizon (NYSE: VZW) location in Brandon, FL. The transaction was completed due to the marketing efforts of Patrick Nutt, Senior Associate of Calkain Realty Advisors on behalf of its client, BW 11395 Causeway, LLC. The building, occupied by Verizon Wireless, was sold to an investor from North Carolina who was actively seeking high credit, passive investments in the Southeast.
Nutt stated, "The high price per square foot is synonymous with the type of assets investors are seeking in this transforming market. The high-traffic corner location (11395 Causeway Boulevard, Brandon, FL) coupled with the long-term, passive net lease and the high credit rating of Verizon (Standard & Poors: A+) made this asset extremely attractive to the purchaser. Even though the cost per square foot is on the higher side, the stabilized investment with strong real estate fundamentals were the primary investment factors for the buyer."
Formerly a Johnny Carino's restaurant, the Verizon location is a good example of how quality real estate and locations are still trading at a premium. David Sobelman, Executive Vice President of Calkain Companies, concluded that "the reusability and retrofit-ability of the previous restaurant's building for Verizon's purposes and business model made this a win for all parties involved. Prime locations in proven markets are what investors are seeking and this transaction is a sign that investors are willing to pay top-dollar for them." At $572.25 per square foot, the Verizon transaction proves that quality is prevailing as the net lease investment market is continuing to improve. Calkain has truly seen an influx of interest and transactions for NNN investments due to the lack of sound and stabilized real estate investments currently available.
$570 Per Square Foot Sale Exemplifies Current Quality Real Estate Investments
Tampa, FL "" Calkain Companies, a national real estate investment brokerage firm, has procured the sale of a triple net (NNN) lease Verizon (NYSE: VZW) location in Brandon, FL. The transaction was completed due to the marketing efforts of Patrick Nutt, Senior Associate of Calkain Realty Advisors on behalf of its client, BW 11395 Causeway, LLC. The building, occupied by Verizon Wireless, was sold to an investor from North Carolina who was actively seeking high credit, passive investments in the Southeast.
Nutt stated, "The high price per square foot is synonymous with the type of assets investors are seeking in this transforming market. The high-traffic corner location (11395 Causeway Boulevard, Brandon, FL) coupled with the long-term, passive net lease and the high credit rating of Verizon (Standard & Poors: A+) made this asset extremely attractive to the purchaser. Even though the cost per square foot is on the higher side, the stabilized investment with strong real estate fundamentals were the primary investment factors for the buyer."
Formerly a Johnny Carino's restaurant, the Verizon location is a good example of how quality real estate and locations are still trading at a premium. David Sobelman, Executive Vice President of Calkain Companies, concluded that "the reusability and retrofit-ability of the previous restaurant's building for Verizon's purposes and business model made this a win for all parties involved. Prime locations in proven markets are what investors are seeking and this transaction is a sign that investors are willing to pay top-dollar for them." At $572.25 per square foot, the Verizon transaction proves that quality is prevailing as the net lease investment market is continuing to improve. Calkain has truly seen an influx of interest and transactions for NNN investments due to the lack of sound and stabilized real estate investments currently available.
