NAPLES, FL—The Verizon Wireless building, a 4,500 square-foot property in Estero, FL, continues to hot net leased trading trend in Florida. The asset sold for about $2.4 million.
“The transaction signifies a trend for investment grade single-tenant inventory,” says Marcus & Millichap senior associate Preet Sabharwal, who represented the seller, a developer. “We received a great deal of activity on this sale because of the credit of the tenant, the location in Florida, and the return.”
Sabharwal worked with M&M associate Britt Raymond to market the property. Gabriel Britti, associate vice president investments, and Ronnie Issenberg, vice president investments, both in M&M’s Miami office, represented the buyer. Kirk Felici, first vice president and regional manager of the firm’s Miami office, assisted in closing this transaction. Verizon Wireless is located at 23200 Via Villagio in Estero.
“The asset has the characteristics of a net-leased asset with great fundamentals,” says Britti. “It is located at the entrance to Coconut Point, a Simon Mall containing over 140 stores.”
With net lease deals in full swing in Florida, brokers are expanding their teams. Calkain added a vice president to its Tampa net lease team in early September. And Stan Johnson Company entered Miami with guns blazing on the net lease front.