| There's more than one way to own a property. Stan Wyrwicz, Rich Murphy, and Mike O?Mara, who last month opened a Calkain office here, broker net-lease deals for the Reston, Va.-based company that allow investors to own real estate without the usual worries over maintenance, operating expenses, or taxes. |
| Even before Calkain?s Burlington space opened on June 1, managing director Rich Murphy closed a $10M, five single-tenant retail portfolio deal for the office. The investor is an energy company that used proceeds from the sale of oil and gas properties to do a tax deferred exchange and diversify. The company bought the portfolio, which includes buildings in Greenfield, Mass., Kansas, and Texas. Stan tells us Calkain wants to be in metro Boston because it's a gateway location. During the boom, location took a backseat to the credit worthiness of a tenant. But in an economy in which a company's fate can be uncertain, location is equally important. Stan says Calkain sees New England as an underserved market with room for another full-service net-lease brokerage. |
| Stan tells us that net-lease deals revolve around credit-worthy tenants, who can be relied upon to pay the rent without fail and cover all operating expenses on the property. The beauty for the investor is that landlord responsibilities are minimal. Stan says his group just listed an office building in Maryland owned by an individual in the Boston area and net leased to a State of Maryland agency. Another recent listing is a Rite Aid in Lynn on Rte 1A. Since the remaining lease term is relatively short, an investor could be a passive owner or a developer interested in building something new on the well-traveled parkway. |
| Stan, here with Mike, was formerly CFO at GID and Cabot, Cabot and Forbes. Together the three men have decades of experience and closed about $1.5B in real estate deals. Often, the deals involve 1031 exchange buyers, institutional houses looking for high-credit long-term deals, or investors seeking passive and secure investments. |
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