TAMPA, FL-Florida Triple net property trades saw an uptick in August as Calkain Companies and Noble Properties both inked deals. Calkain brokered the sale of two investment properties—one along Florida’s West Coast and the other in the Tampa Bay area—while Noble closed on another Walgreens. Financial terms on the deals were not disclosed.

Both of the Calkain deals are subject to long term ground leases, one to Walgreens and the other to JP Morgan Chase. Each site was part of the re-development of a former Wells Fargo facility by the seller, a Florida-based private developer.

The Walgreens location is a relocation of an existing store that operates in the adjacent Publix-anchored shopping center. The buyers, a family of private investors, were focused on acquiring best-in-class, net lease properties occupied by investment grade tenants.

Calkain’s vice president, Michael Zimmerman, and managing director, Patrick Nutt, represented the buyers and seller. The duo reports a “significant” amount of attention and unsolicited offers.

"This deal was a ‘win-win’ for both parties, allowing the seller to lock in a pre-sale and assure protection from any increase in the long term capital gains rate,” Nutt said in a statement. “The buyer was able to secure a fair return on a trophy asset at today’s pricing in a compressed cap rate environment.”

Noble bought a Walgreens on a prime corner in Cape Coral, FL. The nearly 16,000-square-foot store includes an attached liquor store and is open 24 hours. Sales at this irreplaceable location are nearly $12 million, without counting the liquor component. Surrounding retailers include Publix, McDonald's, and several prime banks, including SunTrust Bank, Wells Fargo, Chase Bank, Regions Bank, and BB&T-- all with very strong deposits.

Sean McConnell, senior vice president and tenant representation lead in Florida for Jones Lang LaSalle, tells GlobeSt.com he sees a significant upside in retail across the board. He also says Florida is positioned to lead the nation in terms of a retail recovery.

“Markets seem to hate uncertainty,” McConnell says. “Once we get through the November election, a level of normalcy can return to the markets and we’ll witness a new transaction equilibrium that results from tenants and investors having more certainty on future monetary and tax policy.”