MIAMI—Calkain's Tampa and Fort Lauderdale, FL offices have closed four portfolio transactions in the last 45 days. The deals included 40 properties collectively worth $63 million.

Calkain's executive vice president David Sobelman was lead broker on two of the portfolio deals. Patrick Nutt, Calkain's managing partner for South Florida was lead broker for the largest of the portfolio transactions.

“Probably the most unique aspect is the fact that there were portfolio transactions procured in today's market,” Sobelman tells GlobeSt.com. “With a lack of inventory available to investors for acquisition, a portfolio transaction is highly atypical in today's market, let alone four portfolios in such a short period.”

In one of the deals, Sobelman brokered the sale of a nine-location Applebee's Restaurant portfolio. Located primarily in the Central Florida and Orlando markets, the properties sold for roughly $23 million which equated to a 6.9% aggregate cap rate.  

This is a very telling series of transactions for Calkain as it procured individual buyers for each of the properties instead of selling the portfolio in one transaction. Calkain estimates that the seller saw about 200 basis points difference in the total pricing, which translates to an additional $4.5 million if the properties were sold together. The final transaction closed in July 2013.

Nutt, and Calkain vice president Michael Zimmerman, arranged the sale of a 19-property Circle K Portfolio, which operated under a single master-lease agreement. The stores, located across four states, offered the buyer a credit-worthy, international tenant with established locations. The portfolio sold in August 2013 for $24 million.

“Given the size and lease structure of this portfolio, it was extremely attractive to many institutional buyers, however the challenges associated with a lease term under 10 years proved to be the strength of the ultimate buyer,” he says. “Calkain was able to identify the right buyer and explain the benefits of the portfolio for a very successful transaction."  

Another portfolio was nine Fred's Super Dollar properties in four primarily Southeastern States. Calkain represented the seller of the properties, a real estate developer. The acquired stores were all newly constructed prototype buildings offering 16,470 square feet, on-site pharmacies and drive-up windows, and were typically located on 1.5 to 3.0 acre lots. The transaction closed for $14 million in July 2013.

Finally, Sobelman and Calkain associate Emily Cusmano represented the buyer, a 1031 exchange, in the sale of a three-property Tampa, FL-area Krystal Restaurant portfolio. Nutt represented the seller of the properties. The portfolio closed in August 2013 for $2.2 million.

“We are keeping pace with this volume as we have another portfolio transaction, larger than any of these listed, currently under contract and have several more in our pipeline,” Sobelman says. “We are still procuring dozens of single asset transactions as well and forecast that our performance for our clients will continue to get noticed as a setting itself apart from others in the industry.”