The Hollywood Video location, which closed about a week ago, is the third in Jacksonville scheduled to close as part of a 530-unit shutdown around the country recently announced by Hollywood Video's parent company, Movie Gallery Inc. The two other units scheduled to close in Jacksonville are on Norwood Avenue and Beach Boulevard.
Four other local Hollywood Video locations remained opened at press time.
Calkain Cos., a commercial brokerage firm in Tampa, represented both the seller, Lippincott Investment Properties LLC of Tampa, and the buyer. Both the seller and the buyer were the landlords of the property that Hollywood Video leased.
The net operating income of the property is $150,432 and the capitalization rate is 10.6 percent.
Calkain Companies, Inc. is a national, commercial real estate firm, focusing on net lease invesments, that provides brokerage and consulting services for both private and institutional clientele. The Company is comprised of four distinct divisions, Calkain Realty Advisors, Calkain Institutional Advisors, Calkain Opportunity Services and Calkain Site Services. We have utilized an extended network of solid relationships to successfully complete nearly $3 billion in sales and have consistently ranked as one of the Top National Net Lease Investment Brokerage Firms. Core values such as integrity, honesty and innovation have helped secure our position as a leader within the net lease industry.
Calkain has developed a culture that is very much evident, helping to attract and retain the best employees and clients. The general commitment to its clients has made Calkain the industry benchmark for service in the net lease inductry. By promoting public service and philanthropy to its employees, Calkain demonstrates its commitment to communities and the issues that surround them.
In December 2008, through the urging of many of its net lease clients, Calkain initiated Calkain Opportunity Services. Assisting net lease properties owners in challenging situations.
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