Naples, Florida - Our Net Lease Properties comes form one of the most beautiful areas in the Country, and that is Naples, Florida. A once popular Triple Net Leased Property has sold. This Triple Net Leased Property had become known to be placed in the distressed net lease property category. This net lease property is called the "Collection at Vanderbilt" and now has new NNN commercial real estate investors to attempt to bring those retail shopping center back to prosperity.
Woolbright Development had developed this Naples retail shopping center back in 2006 with further work being done until 2009. The Boca Raton-based Woolbright Development did a fine job with the Collection at Vanderbilt, which is an upscale retail shopping center that is approximately 253,979-square-feet. This Triple Net Leased Property was developed to be anchored by The Fresh Market grocery store. Woolbright Development jumped in the Naples NNN commercial real estate market with this property and started with a list of excellent tenants. Woolbright Development had acquired the 30-acre property from David Hocker & Associates with plans for the upscale grocery-anchored retail shopping center.
One of the reasons this Triple Net Leased Property probably sold was a foreclosure judgment. A Commercial Loan in the amount of approximately $53.7 million was a problem for the NNN Commercial Real Estate Owners. Apparently the judgment on the Triple Net Leased Property was sold for an amount that we are unaware of, to The Shoppes at Vanderbilt, LLC. The Naples Triple Net Leased Property was then transferred to The Shoppes at Vanderbilt, LLC through a recent foreclosure sale. A certificate of title for this Triple Net Leased Property was received by the Investors on March 18, 2011.
The blueprint started to fail with The Fresh Market, a North Carolina-based grocer, pulled out of its net lease because of construction delays at the Triple Net Leased Property. The NNN Commercial Real Estate Owners tried to nail down Ada’s Natural Foods Market to take Fresh Market’s place, however problems arose and that lease failed. The NNN Commercial Real Estate Owners struggled to sign net lease property tenants and to keep the ones that were in place. The retail shopping center was only about 33% leased at the time of acquisition.
The value-added Property, Collection at Vanderbilt should now be able to feature a mix of upscale national and local retailers, an Restaurants. The NNN Commercial Real Estate Owners have plans for the property with additions and improvements to landscaping and signage. They also will start to market a lease up campaign and to complete the interiors of vacant space in the Triple Net Leased Property. The largest Tenant at this The Triple Net Leased Property is currently Lifestyle Family Fitness. The Naples value-added Property has nine mixed-use buildings, retail net lease space and office space available for net leases.
The Triple Net Leased Property was designed by architect Marc Wiener from the Boca Raton, Florida area. The Collection at Vanderbilt has a beautiful Mediterranean-style design with an open layout, features large walkways creating a pedestrian friendly retail shopping center. The Triple Net Leased Property also has been uniquely designed for Restaurants with comfortable outdoor seating areas. The Triple Net Leased Property has an excellent location on the northwest corner of Vanderbilt Beach Road and Airport Pulling Road. This North Naples location for the Triple Net Leased Property has a close proximity to two Ritz-Carlton Golf Resorts.
The new NNN Commercial Real Estate Owners from Texas own second homes in the beautiful Naples area. The Texas partnership also acquired the two outparcels which are on Vanderbilt Beach Road and Airport-Pulling Road. The NNN Commercial Real Estate Owners from Texas now own 29.6 acres in Naples. This was the seventh commercial property acquisition for this Texas partnership.
The NNN Commercial Real Estate is positioned in the affluent Naples town, with an average household income of approximately $102,957 within a 5 mile radius. This sizable income is almost twice the national average. The Triple Net Leased Property also benefits form being situated in close proximity to the spectacular Greg Norman's Tiburon Golf Community and Pelican Marsh Community. This NNN Commercial Real Estate development is perfect for net lease Tenants with upscale boutiques, fine restaurants, and specialty shops.
Contact Net Lease Properties to purchase NNN Property or for 1031 exchange replacement property.
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