TAMPA, FL—In a deal that demonstrates the triple-net lease market is still commanding low cap rates, the Regions Bank ground lease has traded for $3.7 million. The buyer was part of a 1031 exchange that also financed a small portion of the purchase through a life insurance company.

Jonathan Graber and Rafeal Wright of Franklin Street Real Estate Services represented the seller in the transaction, Nelco Kennedy Property, LLC. Richard Fisher of Hold-Thyssen represented the buyer, an investment group out of Germany.

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