Lack of supply and strong demand keeps values strong for triple-net properties
Orlando, FL – October 31, 2013 – CBRE’s Net Lease Property Group completed the sale of a single-tenant triple-net leased Starbucks property located at 6521 SR64 in Bradenton, Florida. The buyer, Bayrock Investment Company, based in Charlotte, North Carolina, purchased the property for $1,917,808 from HB Retail SR64, LLC. CBRE represented the seller in the transaction.
Starbucks is the sole occupant of the 1,816-square-foot building that was a build-to-suit for Starbucks Corporation. The property is part of the company’s plan to take advantage of the ongoing growth in the Sarasota/Bradenton market.
“Our client is a seasoned retail developer in the southeast market,” said CBRE Senior Vice President Mark Drazek. “Their goals were simple and specific – achieve the highest pricing in the market with the quickest execution and no false starts. It was a tremendous success story.”
The net lease market continues to experience a tremendous imbalance in regards to supply and demand. With very little new development and strong demand by investors looking for both 1031 exchanges as well as alternative investments, cap rates have reached pre-recession levels. “Owners and developers are in a very good position right now if they have an interest in capitalizing on market conditions,” said Drazek.
Mark Drazek has been part of the CBRE Net Lease Property Group for Florida for over 12 years. His team has performed over 200 transactions throughout the state for both developers and owners of single tenant properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.