Calkain Cos. signs exclusive $20 million listing for Burger King portfolio
Calkain Cos., based in Reston, has signed an exclusive brokerage agreement to sell the real estate of a $20 million, eight-parcel Burger King portfolio.
The eight locations in Northern Virginia, with one of them already sold, come with new long-term, triple-net, leases. These deals frequently appeal to investors. In a typical triple-net deal, the tenant — often a single entity which in this case is a fast-food restaurant — signs a long-term lease and handles the taxes, insurance and maintenance while the investor collects a rent check every month.
Calkain said it secured the listing from a former Burger King franchisee that is looking to capitalize in a favorable seller’s market.
The company’s marketing team of Betty Friant, Rick Fernandez and Teal Henderson is handling the sale. “The seller chose from multiple offers, and we were happy to have the first of the eight locations close at such a phenomenal cap rate [5.1 percent] for a franchise location,” Henderson said in a statement.
According to the company, the transaction closed at $1.9 million in the last 30 days, with the Burger King store operations and franchise sold in a separate transaction to a Burger King franchisee from Illinois.
Calkain is a commercial real estate brokerage firm that specializes in assisting buyers and sellers with single and multi-tenant, net-leased properties. The company has multiple office locations servicing the mid-Atlantic, Southeast, Northeast and Midwest markets.