Herndon, VA – Calkain‘s Urban Investment Advisors team of Rick Fernandez, Senior Managing Director and Andrew Fallon, Executive Managing Director, completed the advance sale of the ground floor retail unit of a soon to be completed restaurant at 1011 M Street NW. The 4,260 square foot upscale restaurant will occupy the street level floor of the luxury 10Eleven Condominiums in the dynamic and transitioning Shaw neighborhood of Washington, DC.
Calkain consulted with the seller for over a year on the lease to position the property for maximum value on the net lease market. The seller chose Calkain and opted to market and sell the asset during construction of the restaurant and prior to opening and rent commencement. Fallon commented, “The seller was able to achieve its objective of exiting the project prior to complete stabilization of the retail and we were able to deliver bids that provided significant value for the lease and development work.” Fernandez continued, “The buyer weighed the risk of acquiring a property in a developing neighborhood before opening and rent commencement and came to agreement with the seller under terms that were favorable to both parties.”
The sale closed within the last 30 days and can be found in the public record.
With over $150M of Washington, DC urban retail sales, the Calkain Urban Investment Advisors team of Fernandez and Fallon are the market leaders in today’s urban net lease industry. Currently, Fernandez and Fallon have $45M worth of Washington, DC properties listed or under contract, including 1544 9th Street NW, 1723 Connecticut Ave NW, and the Retail and Professional Building at 5185 MacArthur Boulevard. Additional listings will be coming online soon.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.