ORLANDO—Net leased transactions may be small in dollar-size, but they are a big story in Florida’s commercial real estate market. With strong demand and low supply, prices are rising.
The latest example is the sale of a single-tenant retail property leased to Branch Banking and Trust Company (BB&T). HM 2051 Town Center Boulevard snapped up the net leased asset from Florida-based private investor Day One for $3.7 million. CBRE represented the seller.
Located at 2051 Town Center Boulevard in Orlando, the sale came with a 1.18-acre parcel subject to a 22-year triple-net lease. Eight years are remaining on the lease.
“This is an exceptionally strong banking location as it serves a dense and growing population base that includes the prestigious Hunter’s Creek residential development in southwestern Orlando, just south of an interchange with State Road 417,” says Todd Weintraub, a vice president with CBRE. “The market for single-tenant net leased investments continues to be exceptionally robust due to a limited supply of high-quality, national credit deals available for sale. Local, national, and international investors are aggressively vying for these deals.”
The 3,396-square-foot bank was constructed in 2002 and has three drive-thru lanes. The BB&T branch is an outparcel to the Hunter’s Creek Plaza shopping center, which is anchored by SuperTarget. The bank sits at the northwest corner of Orange Blossom Trail and Town Center Boulevard.
Bank properties seem to be trading left and right. Within the single-tenant banking sector, Weintraub and David Donnellan, a first vice president with CBRE, have recently completed assignments including the sale of SunTrust Bank, Regions Bank, Chase Bank, PNC Bank and Bank United.