Trion Trades Net Leased Trophy

MIAMI—A trophy net leased Bank of America investment property in Fort Lauderdale, FL has traded hands. Bayrock Investment purchased the property for $9.265 million from 4901 LTD, an affiliate of Trion Group.

CBRE represented the seller. Mark Drazek, a senior vice president with the CBRE Net Lease Property Group, who has closed over 200 net leased sale transactions in Florida, led the charge.

“This was a very complex redevelopment that took a tremendous amount of time and focus requiring a team effort between Bank America, CBRE development team and Trion,” says Ken Barber, president of Trion, which developed the project.  “We're looking forward to a successful completion of the overall project and a successful future for Bank of America and CVS at this location.”

Located at 4901 North Federal Highway in Fort Lauderdale, the property is part of a multi-parcel redevelopment of an existing Bank of America property at one of the most heavily traveled intersections in South Florida—Federal Highway and Commercial Boulevard. 

The net leased asset includes a 5,835-square-foot single-tenant building with a new 20-year-lease with Bank of America. Trion also owns the adjoining parcel, which will house a new CVS that is set for completion by February 2015. CBRE will be taking the CVS to in mid-September in a separate transaction.

“Considering all variables of the deal, this is truly a trophy single-tenant property,” says Drazek. We felt an unpriced marketing strategy was appropriate for this asset. The strategy paid off with over 15 offers resulting in a competitive bidding process which ultimately drove the pricing to a very attractive level for our client.”