Sale Of a New Triple Net NNN lease Walgreen's in North Arlington, Virginia

Calkain Companies Brokers $7.3MM NNN Lease Investment Sale of North Arlington Walgreens

Reston, VA Calkain Companies, a national real estate investment brokerage firm, has procured the sale of a new triple net NNN lease Walgreen's in North Arlington, Virginia at a 6.8% cap rate.

Real estate investors shopping for new portfolio projects may have once considered D.C.'s tight trophy spaces as their automatic go-to purchase. But in recent months, Washington-area pharmacies have slowly crept forward to grab increased attention from investors spanning the world.

In a bid to scoop up smaller real estate gems, known as triple-net-lease properties, some investors have been smitten by the burgeoning drugstore sector. By July 1, the sector's dollar value in trades had already reached two-thirds of last year's total volume.

In triple-net lease, tenants not landlords hold full responsibility for managing or maintaining the space and paying its taxes or insurance. While those leases are often held by freestanding dollar stores, banks, casual dining and fast-food outlets, drugstores have weathered the recession to emerge as one of the triple-net sector's most stable industries.

Investors say drugstores' creditworthiness, central locations, 25-year-plus lease terms and newer buildings, typically no more than 10 years old, make them alluring prospects.

Rick Fernandez, Managing Director of Calkain Urban Investment Advisors, the urban market division of Calkain Companies, represented the seller in the transaction. "NNN investment property in the DC Metro area is hard to find and quality real estate such as this North Arlington Walgreen's is harder still," explained Fernandez. "The intrinsic value of the real estate, strong credit of the tenant and the international appeal and esteem with which the DC Metro area is held by investors across the globe offered a unique opportunity to the investor," commented Jonathan Hipp President and CEO of Calkain Companies. The buyer, a group of international investors, acquired fee simple interest in the ground and structure.

The transaction closed within the last thirty days and was recorded in the public record.

Sale Of a New Triple Net NNN lease Walgreen's in North Arlington, Virginia

By: Calkain

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