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Bank ground lease sells for $7 million, or $1,772 per square foot - Virginia Business

Bank ground lease sells for $7 million, or $1,772 per square foot

//June 6, 2016//

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Bank ground lease sells for $7 million, or $1,772 per square foot

Bank ground lease sells for $7 million, or $1,772 per square foot

//June 6, 2016//

Listen to this article

Calkain Cos. reports that it recently represented the seller of a Middleburg Bank ground lease in Ashburn in a transaction that brought $7 million or about $1,722 per square foot.

The purchaser was a large 1031 exchange buyer. According to Calkain, the bank property, an outparcel to the Giant-anchored Ashburn Farm Market Center, is subject to a long-term ground lease with favorable terms and structured rent escalations. 

Middleburg Bank is a community bank that has been in business since 1924, operating 12 locations throughout Northern Virginia.

“The sale of the Middleburg Bank [ground lease] reflects the strength of the greater Washington, D.C., market, especially Loudoun County, which is one the area’s most affluent and fastest-growing counties,’’ Andrew Fallon, an executive managing director for Calkain who represented the seller, said in a statement.

Calkain Cos., based in Herndon, is a commercial real estate brokerage firm that specializes in assisting buyers and sellers with single and multi-tenant net-leased properties. The company has multiple office locations servicing the mid-Atlantic, Southeast and Northeast markets.

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