SunTrust Bank

PALM BEACH, FL—Investors are still in hot pursuit of net leased, single-tenant properties in Florida. Kireland Management landed one in Boynton Beach, FL.

Kireland just acquired a single-tenant net leased retail property leased to SunTrust Bank for $5.775 million from LH Boynton Bank Building. CBRE represented the seller in the transaction. Neither Kireland or LH could immediately be reached for comment.

“This bank branch is highly visible and is part of the West Boynton Professional Center mixed-use development, located at the northwest corner of Boynton Beach Boulevard and Hagen Ranch Road,” says Todd Weintraub, vice president with CBRE. “The West Boynton Professional Center includes the SunTrust Bank, a two-story office building, and a proposed 7,500 square foot medical office building. This is an exceptionally strong banking location as it serves a dense and growing population base that includes nearby Aberdeen, Canyon Springs, Canyon Trails, Valencia Reserve, and Greystone.”

The net leased property is located at 9909 Hagen Ranch Road in Boynton Beach. The sale included a 0.94-acre parcel under a 20-year triple-net ground lease with 16 years remaining. The 3,798-square-foot bank was constructed in 2010 and has three drive-thru lanes.

“The market for single-tenant net leased investments continues to be exceptionally robust due to a limited supply of longer-term credit deals available for sale,” says Dave Donnellan, a first vice president with CBRE. “Local, national and international investors are aggressively vying for these deals.”