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NAPLES, FL-Santa Ana, CA-based Triple Net Properties LLC acquired Bank of America Center for $21 million, or $270 per sf, on behalf of a group of TIC/CORE (tenancy-in-common co-ownership of real estate) investors, including, but not limited to, clients of Walnut Creek, CA-based 1031 Exchange Options. The seller was Jones Lang LaSalle Investors.

The 77,765-sf, four-story building is located at 4501 Tamiami Trail North. It was completed in 1985 and is 100% leased. Among the tenants are NewsBank, Stock Development and Provident Development Group in addition to BofA.

Steve Corea, SVP of acquisitions for Triple Net, tells GlobeSt.com, “This is a high-wealth area with growth potential, and properties don’t come along often in this market.” He expects Naples to be one of the top three fastest growing communities in the country over the next five years and says its per capita income, job growth and population growth are pacing at three times the national average. “In addition, the Bank of America lease has significant upside potential for renewal.”

Without disclosing rental rates in the property, Corea says, “the market rate can be as high as $30 per sf.” Triple Net has several other properties in the area and will manage the building.

Calling Bank of America Center “prized property in the city, known for its modern architectural design,” Christian Mirner, EVP of real estate for 1031 Exchange Options, says, “during 2004, office vacancy rates [in Naples] dropped 50% to 10.6% by year’s end.”

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