Herndon Net Lease Trade Gets Close To $1,000 P/SF
This deal attracted interest from all over the country, says Calkain CEO Jonathan Hipp.
HERNDON, VA–Edwards Ferry Crossing, a multi-tenant retail center located at 1008 Edwards Ferry Rd., in Leesburg, has traded for $4.82 million, or $925 per square foot and a cap rate of 5.47%. Calkain Cos.’ Jonathan Hipp and Natalia Nunno represented the seller, J Donegan Co., in the transaction.
The three-tenant center is fully leased to Potbelly Sandwich Shop, Great Clips and Panda Express.
The asset received multiple offers from around the country, Hipp tells GlobeSt.com with the winning bid a record-setting price. There were a number of reasons for that. “People want to invest where there is discretionary wealth and they want to buy quality real estate. Good real estate will always trade aggressively.”
The tenants also played a role in the interest as none of them can be “Amazonized”, he adds.
Indeed, a new report from the Boulder Group suggests that investors are making subtle changes to their buying habits and are focusing on properties that are e-commerce resistant.