Multi-tenant retail deal breaks net lease record in Leesburg
Edwards Ferry Crossing, a multi-tenant retail center located in Leesburg, has traded hands in what was described as a new record for a net-lease sale in Loudoun County.
The center at 1008 Edwards Ferry Road — fully leased to Potbelly Sandwich Shop, Great Clips and Panda Express — sold for $4.8 million, or about $925 per square foot of space, according to the Herndon office of Calkain, which specializes in net-lease sales. Calkain’s Jonathan Hipp and Natalia Nunno represented the seller in the transaction.
A net lease requires the tenant to pay a portion or all of the taxes, fees and maintenance costs for the property in addition to rent. It is most commonly used with commercial real estate.
Hipp, Calkain’s president and CEO, said the center’s strong location and new construction, coupled with long-term leases with investment grade tenants, allowed Calkain to market the asset as an opportunity to invest in one of the most affluent areas of the country.
Calkain said it received multiple offers. The company has office locations throughout the entire East Coast.