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Monday, January 31, 2011

Net Leased Properties with CVS & LA Fitness

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Coral Springs, Florida - Our Net Lease Properties information today comes from southeast Florida. We searched for triple net lease properties in Florida for our Investors. An absolute NNN Lease Investment sold for $5.36 million. This sale price included the valuable commercial zone Land and the Building. This triple net lease property has a great Tenant, that is CVS. This net lease property with CVS was constructed in 2005. The net lease property has an absolute "NNN" lease that started in 2005 and terminates with CVS, in the year 2025.

This net lease contract has four separate five-year option periods, with rental increases between them. This triple net lease property is a freestanding, single-story building that is approximately 14,779 square feet. This triple net lease property has the drug store with a drive-thru that is situated on 1.77 acres. Bug Sky Properties LLC sold the triple net lease property for $5.36 million, which equates to approximately $362 per square foot. There is no news yet as to if this was a 1031 Exchange.

This absolute net leased property was purchased by KSY Family Revocable Trust. The triple net lease property has the address of 4701 Flamingo Road, Cooper City, Florida. The NNN Lease Investment is western Broward County with the zip code of 33330. The "NNN" triple net lease property sits at an intersection that is surrounded by a high daily traffic area. This area has plenty of people in the local area alone to support retail traffic for this absolute NNN Lease Investment.

Realty Income Corporation sold a South Florida net lease property for approximately $3.74 Million. Realty Income Corporation is a self-administered real estate investment trust (REIT) that purchases and manages commercial real estate. The majority of property that they purchase are free-standing single-tenant net leased properties. As with most NNN Commercial Real Estate Investors, Realty Income Corporation prefer leases to regional, national retail chains and (CTL) Credit Tenant Leases. Realty Income Corporation owns more than 2,257 retail net leased properties containing some 19 million leasable square feet.

Realty Income Corporation sold the South Florida net leased property to Coral Springs LAF LLC. This was one of many of Realty Income Corporation net leased properties in Florida. They also have various net leased properties in Texas, California and Illinois. The South Florida net leased property is located at 2633 N. University Drive in Coral Springs, Florida. Coral Springs sits in western Broward County in Florida. The net lease property is a one-story, retail building that was built in 1994. The Net Lease tenant is L.A. Fitness as they have a lease that continues with the new owners. The net leased property is 32,628 square-feet so the purchase price comes out to approximately $114 per square foot. Apparently there was no Investment Property financing reported for this net lease property transaction.

We specialize in providing Triple Net Lease Properties to investors who are involved in a 1031 exchange.
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