Calkain Cos. sells CVS drugstore in a record-breaking, net-lease deal.
- June 5, 2014
Calkain Cos., based in Reston, said Thursday that it sold the newly constructed CVS drug store at 8117 Leesburg Pike in Tysons Corner in a deal that broke several records for the net lease industry.
Net leases primarily focus on single-tenant, commercial real estate properties occupied by tenants with long-term leases.
The roughly one-acre CVS property brought a sales price of $24.7 million, which equates to $1,915 per-building-square foot and $24.4 million per acre. According to Calkain, those prices are a new high in the market, exceeding another recent Calkain market record of $1,672-per-square-foot for a Starbucks building in Washington, D.C. that it sold in March.
The capitalization rate -- rate of return on a real estate investment property based on the expected income that the property will generate -- also set a record low for CVS drugstores throughout the country at 4.97 percent.
Jonathan Hipp, Calkain president and CEO, along with Andrew Fallon, managing director and Jonathan Florin, director, represented the sellers, Regency Centers and J. Donegan Co.