ORLANDO—A new long-term net leased investment property in the Orlando suburb of Altamonte Springs, FL has traded hands. Bayrock Investment Co. acquired the net leased asset for $5.58 million from Hupp Retail Altamonte, LLC.
Located at 510 East Altamonte Drive in Altamonte Springs, Bank United occupies the 3,025-square-foot net leased building under a new 20-year lease. CBRE's Net Lease Property Group represented the seller in the deal.
“We are seeing net lease investors reach beyond their traditional criteria in order to get their capital into the marketplace and this transaction was a perfect example of that,” says CBRE senior vice president Mark Drazek. “Even though this property was not the traditional single-tenant net lease deal as it included a second two-tenant retail building, the location, credit and lease terms made it a very attractive investment.”
The net leased property is in a densely populated residential and retail area. The new two-building retail development is across from the Altamonte Mall and also includes a 4,810-square-foot two-tenant building anchored by CareSpot with a new seven-year lease.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
