TAMPA, FL—A three-property Krystal restaurant portfolio in Tampa has a new owner. A 1031 exchange client snapped up the triple net lease properties.
Calkain represented both the buyer and seller. David Sobelman, executive vice president and associate Emily Cusmano exclusively represented the buyer. Sobelman says
“With limited inventory of quality net lease assets in today’s market, having an exclusive agent representing the buyer can be very beneficial for the purchaser,” he says. “As can be concluded from this sale alone, many times these assets do not hit the open market before going under contract. We were able to get our client the best price in a short time frame.”
Patrick Nutt, managing partner at Calkain, represented the seller of the triple net lease portfolio. He describes the transaction as a corporate sale-leaseback, which was just one step in a larger transaction.
“The Krystal Company recently bought out one of their franchisees, and in doing so, acquired ownership of these three locations,” he explains. “This sale allowed the tenant to lower their basis in the overall purchase of the business operations, while retaining long term control of the property through a new lease for each site. Sale-leasebacks, when effectuated carefully and with proper foresight, are a great arrow in the capital quiver of any successful tenant.”