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Tuesday, June 9, 2009

Enterprise National Bank Building Sale in North Palm Beach


North Palm Beach, Florida - There are many triple net lease properties in the United States, and North Palm Beach is a favorite for Net Lease Properties news. We saw that The Enterprise National Bank Building has sold for $4 million or approximately $192.57 per square foot. This net lease property, two-story mixed-use building is located at 11811 U.S. Highway 1, in North Palm Beach. The Buyer was reported as Urban Realty Partners. However, Palm Beach County tax assessors records showed 11811 HIGHWAY ONE REALTY LLC purchased this fine net lease property. 11811 U.S. Highway 1 could be an affiliate of Urban Realty Partners LLC.

This Commercial zoned property is a two story, free standing professional office building. This net lease property has a total area of 20,770 square feet for net leases. This net leased property is situated on approximately 2.31 acres with 300 lineal feet of frontage on a main road, US Highway 1. The distinguished net lease property is situated just north of PGA Boulevard. It's location and general building layout is favorable for either a single tenant owner-user or for multi-tenant office building use. This NNN Commercial Real Estate structure was built in the 1970's and has undergone renovations and additions in the 1980's. The net leased property also saw renovations in in 1998 and early 2000.

This net lease property falls into the value-added category for commercial real estate. As this net leased property has expansion capability with an extra large parking lot and extensive grounds. This net leased property saw some damage from the hurricanes in 2004 and 2005. Due to hurricane damage, the net lease tenants vacated, thus leaving the net lease property with one 3,700 square foot bank tenant. That Bank also has a drive through. This net leased property had all the restrooms and common areas renovated, and a new roof is being completed in the near future. The net leased property has a generous parking lot that will accommodate 128 cars. The net lease property benefits from high visibility, traffic count, good signage and great access from both northbound and southbound lanes on US Highway 1. The NNN Commercial Real Estate is conveniently located and can be reached via the Florida Turnpike and Interstate 95, both of which have interchanges on PGA Boulevard. Investment Property financing was arranged by a National Bank, not Enterprise Bank.

This net lease property is currently anchored by Enterprise National Bank, which features a three-lane bank drive-through. Also the NNN Commercial Real Estate has a Melting Pot restaurant at the location. Enterprise Bank Of Florida is a full Service Brick and Mortar bank. The Enterprise National Bank combines the best of both worlds with personal attention and community values of a local bank, and easy-to-use and innovative services that are among the best in the banking world. The Enterprise Bank was founded in 1990, and has a goal to be an independent bank rooted in the community that delivers sophisticated financial services. They emphasize friendly, convenient customer relationships and a high level of community involvement.

Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.

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