Calkain Companies recently sold a single tenant net-leased Chevys, a national restaurant concept. Chevys uses a "Fresh Mex" pledge, which underscores the company's promise that all products are made daily from scratch.
The purchaser was a private investor seeking a passive, incoming-producing asset. The restaurant is located in a dense, upscale retail area of Annapolis, Maryland, with proximity to Chesapeake Bay and Fort Meade.
Betty Learned Friant, vice president at Calkain Companies, brokered the sale with an 8.9 percent cap rate.
“The investor appreciated the upscale location and was drawn to the investment, given the landlord-friendly lease terms and the probability that even if the tenant didn’t renew at the end of the lease, there would be other restaurants who would want the space,” she says.
Near one of the busiest intersections in Annapolis, Chevys is also closely located to the newly developed Annapolis Towne Centre at Parole.
This transaction adds to the list of net-leased restaurant properties Calkain has sold, which includes McDonald’s, Taco Bell, Applebee’s, Burger King, Popeyes Louisiana Kitchen, and Krystal.
Calkain Companies is a boutique commercial real estate brokerage firm that specializes in assisting buyers and sellers with single and multi‐tenant retail, industrial, hotel, and office net-leased transactions.
While licensed to conduct business in many states, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast, and Midwest.
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