New York City-based American Realty Capital Trust Inc. purchased a 3,617-square-foot BB&T Net Lease Investment bank building for $3.85 million. The price equated to $1,065 per square foot.
Guenter Manczur of Calkain Cos. represented the buyer and William Holly of Holly Sime Realty represented the seller. “This acquisition demonstrates the value of well located investment real estate when leased to a high-credit tenant,” Manczur says in a press release. http://www.calkain.com/
Friday, February 18, 2011
Triple-net-lease Properties' Returns are More Secure
Triple-net-lease properties' returns are more favorable and more secure than some traditional investment vehicles
Despite the economic downturn and the fact that many aspects of the commercial real estate industry still need time to season before true recovery takes place, some niche segments of the market are actually performing extremely well. In fact, some are at the same level they reached at the height of the market.
Triple-net-lease investment properties, in particular, may be a true bright spot on the commercial investment horizon. Here's why.
Triple net lease properties are probably some of the most commonly noticed commercial real estate in the market. Most of the assets are drugstores, bank branches, restaurants, home-improvement centers and the like. These are core assets that have daily users and requirements. Typically, they are single-tenant buildings where, through the lease structure, the tenant is responsible for the taxes, insurance, and maintenance and management of the building - the three "nets."
Investors have a strong appetite for passive income in today's market, as there are few alternatives for them to receive a return that is equal to or better than what net lease assets provide. Additionally, it seems that lenders are becoming more comfortable with the asset type - many transactions in today's market are using some sort of lender-provided leverage.
Mortgage brokers are an integral part of the lending process for net lease investments, especially because one lender won't provide the best rate and terms for a particular investor every time. Brokers who want to increase their business in this asset class should understand what goes into funding triple net lease properties and be aware of the market's emerging trends.
Underwriting the tenant
Like in any underwriting process, lenders consider the real estate's value first. With net lease investments, however, the current tenant's credit also is weighed heavily.
Because tenants occupying single-tenant buildings typically sign long leases - sometimes for as many as 25 years or more - lenders want to know who is actually paying the rent to support the property for that long. Therefore, the underwriting of the tenant's credit becomes a key factor for lenders considering net leased assets.
There is some standardization for rating tenants, which comes primarily from credit-rating agencies such as Standard & Poor's (S&P), Moody's Investor Service, Fitch Ratings, etc. These agencies each have their own alphanumeric system to report how a particular company is performing from a credit perspective. S&P, for instance, has ratings that begin at AAA as the best-possible credit and incrementally go down to D.
In today's lending environment, net lease tenants with an S&P credit rating of BBB or greater have a better chance of getting a lender's attention because they are seen to be less risky. Tenants with credit ratings less than BBB are perceived to be more likely to default over the term of the lease.
In fact, a Moody's study quantified this phenomenon, stating that companies with a BBB- credit rating have a 4-percent chance of defaulting on their lease within any five-year period. Conversely, a company that has rating of B- has a 43-percent chance of defaulting on its lease within the same period. As a matter of comparison, companies with AAA ratings have a 0.15-percent chance of defaulting. It is pretty clear why lenders focus their underwriting on the potential tenant's credit.
Funding net leases
Although mortgage brokers unfamiliar with this asset class may think this type of debt comes from sophisticated sources housed in a class-A skyscraper on Wall Street, the vast majority of loans for net lease investments come from banks.
Real Capital Analytics, a market-research company, recently reported that 51 percent of single-tenant acquisition transactions completed to-date in 2010 came from a traditional bank. It also reported, however, that 40 percent came from a national bank and 11 percent was from a regional or local bank.
It seems that when a recession hits, the lending environment changes to a point that sophisticated financing instruments are no longer needed to drive the market. Instead, individual relationships between borrowers, lenders and their conduits (i.e., mortgage brokers) are the primary source of transaction volume.
In addition, Real Capital Analytics reported that 30 percent of the transactions completed this past year used existing financing that was assumed by a new buyer. Anecdotally, investors active in the market at the beginning of this year did not have as many sources of capital. Those who made purchases that required financing were given financing quotes that were outrageous and did not allow the transaction to make sense to the investor. Therefore, they assumed the debt from the previous owner because the terms and interest rates were more favorable than the market at that time. Sourcing debt for net lease investments is becoming easier, however.
Gaining market share
Single-tenant properties have become so popular this past year that they comprised roughly 35 percent of all commercial real estate transactions completed in the first two quarters of the year, according to data from Real Capital Analytics. By comparison, when the market was at its peak in 2007, only 20 percent of all transactions included the asset class.
With more than $425 billion in total commercial sales in 2007 - which included $85 billion in single-tenant sales - compared to $35 billion in total sales for these past first two quarters - which included $12.25 billion in single-tenant sales - it is apparent that with fewer transactions, more people are steering toward stabilized and lower-risk properties.
Capitalization rates - or cap rates - are a quick snapshot of an investor's return. In today's market, cap rates are roughly 6 percent to 8 percent for creditworthy properties. When a basic comparison is made using other passive investments, it is fairly clear why investors are seeking to put their capital to work in the property type.
Most investors who have cash available to make passive, nonspeculative investments are using basic money-market or savings accounts to hold the cash. When returns for those investment vehicles hover around 1 percent, the investor is motivated to find alternative investments for that capital while also maintaining a steady and safe cash flow over a period of time. Net lease properties are filling that void.
Tracking trends
There are different periods where lenders will have a strong appetite for a particular tenant and less so for other tenants, and this changes over time. Brokers who stay on top of these kinds of trends in their markets and leverage their relationships with lenders can help clients find the best rates and terms at any particular moment.
As an example, Walgreen Co. drugstores - a common triple net lease tenant - have an S&P credit rating of A+. As such, lenders are comfortable with these stores' credit and viability as a longstanding tenant. At the beginning of this year, however, there were more than 450 Walgreens stores available for purchase as net lease investments.
Because most investors need financing to purchase a single store and the average sale price for a Walgreens store is about $5 million, mortgage brokers were engaged to find the best debt. Lenders, however, found that they had too many Walgreens loans on their balance sheets and started to slow down the distribution of debt for that tenant. Brokers show their value in these scenarios by finding other lending sources that aren't as saturated with one particular tenant.
Supply and demand dictates the rate and terms of a particular tenanted-occupied building. Because of their popularity, Walgreens investments typically garner a higher interest rate. Other companies that have S&P credit ratings of A+ and similar lease terms, but higher price tags and therefore fewer buyers may have substantially lower interest rates.
Lenders, therefore, dictate rates and terms based not only on the tenant's credit, but also on subjective factors that move markets in different directions at different times. Mortgage brokers should be cognizant of these trends and have their arsenal of lending sources available for their clients as market indicators change.
Net lease properties have proven to be a strong asset class in this recovery -driven market. Lenders are seeking assets for their portfolios to maintain strong balance sheets. It's always better to have a stabilized net lease investment earning income for the lender and the investor on the books as opposed to vacant, speculative land that likely has an undetermined value for future development.
Mortgage brokers who focus on this asset class can take advantage of the new demand for these properties, as they are some of the only properties getting funded with rates and terms last seen at the height of the market. http://www.calkain.com/
Despite the economic downturn and the fact that many aspects of the commercial real estate industry still need time to season before true recovery takes place, some niche segments of the market are actually performing extremely well. In fact, some are at the same level they reached at the height of the market.
Triple-net-lease investment properties, in particular, may be a true bright spot on the commercial investment horizon. Here's why.
Triple net lease properties are probably some of the most commonly noticed commercial real estate in the market. Most of the assets are drugstores, bank branches, restaurants, home-improvement centers and the like. These are core assets that have daily users and requirements. Typically, they are single-tenant buildings where, through the lease structure, the tenant is responsible for the taxes, insurance, and maintenance and management of the building - the three "nets."
Investors have a strong appetite for passive income in today's market, as there are few alternatives for them to receive a return that is equal to or better than what net lease assets provide. Additionally, it seems that lenders are becoming more comfortable with the asset type - many transactions in today's market are using some sort of lender-provided leverage.
Mortgage brokers are an integral part of the lending process for net lease investments, especially because one lender won't provide the best rate and terms for a particular investor every time. Brokers who want to increase their business in this asset class should understand what goes into funding triple net lease properties and be aware of the market's emerging trends.
Underwriting the tenant
Like in any underwriting process, lenders consider the real estate's value first. With net lease investments, however, the current tenant's credit also is weighed heavily.
Because tenants occupying single-tenant buildings typically sign long leases - sometimes for as many as 25 years or more - lenders want to know who is actually paying the rent to support the property for that long. Therefore, the underwriting of the tenant's credit becomes a key factor for lenders considering net leased assets.
There is some standardization for rating tenants, which comes primarily from credit-rating agencies such as Standard & Poor's (S&P), Moody's Investor Service, Fitch Ratings, etc. These agencies each have their own alphanumeric system to report how a particular company is performing from a credit perspective. S&P, for instance, has ratings that begin at AAA as the best-possible credit and incrementally go down to D.
In today's lending environment, net lease tenants with an S&P credit rating of BBB or greater have a better chance of getting a lender's attention because they are seen to be less risky. Tenants with credit ratings less than BBB are perceived to be more likely to default over the term of the lease.
In fact, a Moody's study quantified this phenomenon, stating that companies with a BBB- credit rating have a 4-percent chance of defaulting on their lease within any five-year period. Conversely, a company that has rating of B- has a 43-percent chance of defaulting on its lease within the same period. As a matter of comparison, companies with AAA ratings have a 0.15-percent chance of defaulting. It is pretty clear why lenders focus their underwriting on the potential tenant's credit.
Funding net leases
Although mortgage brokers unfamiliar with this asset class may think this type of debt comes from sophisticated sources housed in a class-A skyscraper on Wall Street, the vast majority of loans for net lease investments come from banks.
Real Capital Analytics, a market-research company, recently reported that 51 percent of single-tenant acquisition transactions completed to-date in 2010 came from a traditional bank. It also reported, however, that 40 percent came from a national bank and 11 percent was from a regional or local bank.
It seems that when a recession hits, the lending environment changes to a point that sophisticated financing instruments are no longer needed to drive the market. Instead, individual relationships between borrowers, lenders and their conduits (i.e., mortgage brokers) are the primary source of transaction volume.
In addition, Real Capital Analytics reported that 30 percent of the transactions completed this past year used existing financing that was assumed by a new buyer. Anecdotally, investors active in the market at the beginning of this year did not have as many sources of capital. Those who made purchases that required financing were given financing quotes that were outrageous and did not allow the transaction to make sense to the investor. Therefore, they assumed the debt from the previous owner because the terms and interest rates were more favorable than the market at that time. Sourcing debt for net lease investments is becoming easier, however.
Gaining market share
Single-tenant properties have become so popular this past year that they comprised roughly 35 percent of all commercial real estate transactions completed in the first two quarters of the year, according to data from Real Capital Analytics. By comparison, when the market was at its peak in 2007, only 20 percent of all transactions included the asset class.
With more than $425 billion in total commercial sales in 2007 - which included $85 billion in single-tenant sales - compared to $35 billion in total sales for these past first two quarters - which included $12.25 billion in single-tenant sales - it is apparent that with fewer transactions, more people are steering toward stabilized and lower-risk properties.
Capitalization rates - or cap rates - are a quick snapshot of an investor's return. In today's market, cap rates are roughly 6 percent to 8 percent for creditworthy properties. When a basic comparison is made using other passive investments, it is fairly clear why investors are seeking to put their capital to work in the property type.
Most investors who have cash available to make passive, nonspeculative investments are using basic money-market or savings accounts to hold the cash. When returns for those investment vehicles hover around 1 percent, the investor is motivated to find alternative investments for that capital while also maintaining a steady and safe cash flow over a period of time. Net lease properties are filling that void.
Tracking trends
There are different periods where lenders will have a strong appetite for a particular tenant and less so for other tenants, and this changes over time. Brokers who stay on top of these kinds of trends in their markets and leverage their relationships with lenders can help clients find the best rates and terms at any particular moment.
As an example, Walgreen Co. drugstores - a common triple net lease tenant - have an S&P credit rating of A+. As such, lenders are comfortable with these stores' credit and viability as a longstanding tenant. At the beginning of this year, however, there were more than 450 Walgreens stores available for purchase as net lease investments.
Because most investors need financing to purchase a single store and the average sale price for a Walgreens store is about $5 million, mortgage brokers were engaged to find the best debt. Lenders, however, found that they had too many Walgreens loans on their balance sheets and started to slow down the distribution of debt for that tenant. Brokers show their value in these scenarios by finding other lending sources that aren't as saturated with one particular tenant.
Supply and demand dictates the rate and terms of a particular tenanted-occupied building. Because of their popularity, Walgreens investments typically garner a higher interest rate. Other companies that have S&P credit ratings of A+ and similar lease terms, but higher price tags and therefore fewer buyers may have substantially lower interest rates.
Lenders, therefore, dictate rates and terms based not only on the tenant's credit, but also on subjective factors that move markets in different directions at different times. Mortgage brokers should be cognizant of these trends and have their arsenal of lending sources available for their clients as market indicators change.
Net lease properties have proven to be a strong asset class in this recovery -driven market. Lenders are seeking assets for their portfolios to maintain strong balance sheets. It's always better to have a stabilized net lease investment earning income for the lender and the investor on the books as opposed to vacant, speculative land that likely has an undetermined value for future development.
Mortgage brokers who focus on this asset class can take advantage of the new demand for these properties, as they are some of the only properties getting funded with rates and terms last seen at the height of the market. http://www.calkain.com/
Thursday, February 17, 2011
Two Separate Net lease Investment Properties Sold
Tampa, FL – Calkain Companies, a national real estate investment brokerage firm, recently procured two separate investment sales. The first property, a two-tenant facility in Lakeland, Florida closed on January 4th for a price of $2,175,000. The second closing took place just days later on January 6th when a retail bank branch was purchased for $3,437,000 in the Tampa, Florida suburb of Seffner. Patrick Nutt, Associate Vice President with Calkain Realty Advisors exclusively represented both sellers in the unrelated transactions.
The Lakeland site at 3434 South Florida Avenue is a newly constructed 5,056 square foot building occupied by Chipotle Mexican Grill and Aspen Dental. Strategically located in close proximity to a renovated Wal-Mart Supercenter, the site offers the presence of a full traffic signal, providing superior visibility and access into the property. The purchaser, a foreign investor based in France, paid just over $430 per square foot in this all-cash transaction. When asked about the deal, Nutt commented, "Quality real estate, stable tenancy, and new construction are all hard to come by these days, and this property had all three attributes." The property was only on the market for a few weeks, during which time Patrick was able to generate five written offers for the seller, a Florida based merchant developer.
The second closing was the sale of a free standing retail property occupied by BB&T Bank. The bank branch, located at 1707 South Parsons Avenue, was part of Branch Banking and Trust's recent acquisition of Colonial Bank. The new owner, a private investor, purchased the property at a price reflective of a 6.9% capitalization rate. The 0.86 acre parcel of land is an outparcel to a Sweetbay anchored shopping center. Other retailers in the center included Bank of America, Taco Bell, and a newly constructed CVS pharmacy. Patrick represented both the buyer and seller in this transaction, adding, "The buyer was very attracted to the high credit of the tenant as well as the absolutely passive nature of the lease while the seller was able to achieve a price equal to the peak of the market in 2007, offering a transaction where both parties were easily able to achieve their investment goals."
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
The Lakeland site at 3434 South Florida Avenue is a newly constructed 5,056 square foot building occupied by Chipotle Mexican Grill and Aspen Dental. Strategically located in close proximity to a renovated Wal-Mart Supercenter, the site offers the presence of a full traffic signal, providing superior visibility and access into the property. The purchaser, a foreign investor based in France, paid just over $430 per square foot in this all-cash transaction. When asked about the deal, Nutt commented, "Quality real estate, stable tenancy, and new construction are all hard to come by these days, and this property had all three attributes." The property was only on the market for a few weeks, during which time Patrick was able to generate five written offers for the seller, a Florida based merchant developer.
The second closing was the sale of a free standing retail property occupied by BB&T Bank. The bank branch, located at 1707 South Parsons Avenue, was part of Branch Banking and Trust's recent acquisition of Colonial Bank. The new owner, a private investor, purchased the property at a price reflective of a 6.9% capitalization rate. The 0.86 acre parcel of land is an outparcel to a Sweetbay anchored shopping center. Other retailers in the center included Bank of America, Taco Bell, and a newly constructed CVS pharmacy. Patrick represented both the buyer and seller in this transaction, adding, "The buyer was very attracted to the high credit of the tenant as well as the absolutely passive nature of the lease while the seller was able to achieve a price equal to the peak of the market in 2007, offering a transaction where both parties were easily able to achieve their investment goals."
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
NNN NET LEASED MEDICAL OFFICE BUILDINGS
Tampa, FL – Calkain Companies, a national real estate investment brokerage firm, has procured the sale of two separate net leased medical office buildings. One asset was located in Austin, Texas while the second property was situated in Anderson, South Carolina. Both facilities were operated under the brand name Affordable Dentures by Affordable Care Industries, a private company with over 150 locations nationwide. Patrick Nutt, Senior Associate of Calkain Realty Advisors, the private market division of Calkain Companies, represented the seller in both transactions.
The Texas property, located at 8136 Tuscany Way, was built for the tenant in 2008. The purchaser, a locally based Limited Partnership, made the $1,400,000 acquisition through a limited partnership as part of a IRC section 1031 exchange. The Seller, One Acre LLC, was the original owner of the property that constructed the 2,972 square foot build to suit facility for Affordable Care Industries. The purchaser was attracted to the local nature of the facility as well as the long term lease in place.
The South Carolina transaction, sold by a private investor, was purchased by Rutledge Realty Inc, a family owned investment company based in Anderson. The dental facility was located at 3004 North Main Street and was situated on just over 0.5 acres of land. As with the Austin property, this site had a long term lease in place with scheduled rent increases throughout the initial 12 year term.
Nutt commented, "Although Affordable Care is a private company, once we were able to open a dialogue with the tenant, both purchasers were very more than comfortable with the financial strength of the company". Investors generally put an emphasis on the lease terms, credit of the tenant, and underlying real estate, Nutt continued, "beyond the typical underwriting, both purchasers were attracted to the stable nature of the tenant’s medically related business, as well as the specialty build out required for this tenant which shows further commitment to the site from Affordable Care".
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
The Texas property, located at 8136 Tuscany Way, was built for the tenant in 2008. The purchaser, a locally based Limited Partnership, made the $1,400,000 acquisition through a limited partnership as part of a IRC section 1031 exchange. The Seller, One Acre LLC, was the original owner of the property that constructed the 2,972 square foot build to suit facility for Affordable Care Industries. The purchaser was attracted to the local nature of the facility as well as the long term lease in place.
The South Carolina transaction, sold by a private investor, was purchased by Rutledge Realty Inc, a family owned investment company based in Anderson. The dental facility was located at 3004 North Main Street and was situated on just over 0.5 acres of land. As with the Austin property, this site had a long term lease in place with scheduled rent increases throughout the initial 12 year term.
Nutt commented, "Although Affordable Care is a private company, once we were able to open a dialogue with the tenant, both purchasers were very more than comfortable with the financial strength of the company". Investors generally put an emphasis on the lease terms, credit of the tenant, and underlying real estate, Nutt continued, "beyond the typical underwriting, both purchasers were attracted to the stable nature of the tenant’s medically related business, as well as the specialty build out required for this tenant which shows further commitment to the site from Affordable Care".
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net-leased transactions. Calkain has offices in Reston, VA (Washington, DC), Florida, Maryland and Delaware. Additional information about the firm and its listings may be found at http://www.calkain.com/
Albert Heijn, father of the Dutch supermarket, dies at 83
Albert Heijn, grandson of the founder of the Dutch supermarket group that bears his name, has died at home in England at the age of 83.
Heijn started working for the company in 1949 when it was still run by his grandfather in Zaandam and two years later set up the country's first self-service store.
He was chairman of the board from 1963 to 1989 and is largely credited with turning the supermarket group into a nationwide and international success.
Albert Heijn is the oldest part of Ahold, and still has the largest market share in the Netherlands The stores are full service supermarkets (as opposed to discounters) known for their focus on quality stores and products. This focus on quality is part of the reason that Albert Heijn is regarded as one of the more expensive supermarkets. However, after the recent price war - initiated by Albert Heijn itself and involving nearly all Dutch supermarket chains - the prices are now at a normal level
Dutch Food Wholesaler Finds a Sale-Leaseback Deal
To use a tired old industry cliché, it was a win-win deal for buyer and seller.
The buyer: W.P. Carey & Co., a longtime New York City-based investor-developer-landlord of commercial properties in the U.S. and abroad.
The seller: C1000 BV, the second-largest food retailer by sales in the Netherlands.
The sale deal: W.P. Carey pays C1000 BV $209.3 million in U.S. cash (155 million Euros) for all six of the Dutch firm's logistics facilities.
The lease-back deal: C1000 BV leases back the six properties for 15 years. The triple-net lease means that although W.P. Carey is the owner, C1000 is responsible for paying for upkeep, any modernization of the facilities and property taxes.
The benefits to W.P. Carey: The sale-leaseback specialist grows its European portfolio to 266 properties in 16 countries, comprising 32 million square feet of space and valued at about $3.2 billion, according to the company's website.
A leaseback is very simple really. Sometimes known as a sale-leaseback or sale and leaseback, it is a transaction wherein the owner of a property sells that property and then leases it back from the buyer. The purpose of the leaseback is to free up the original owner's capital while allowing the owner to retain possession and use of the property. The type of property involved can be anything from residential or commercial real estate to equipment or vehicles.
http://www.realestatechannel.com/
The buyer: W.P. Carey & Co., a longtime New York City-based investor-developer-landlord of commercial properties in the U.S. and abroad.
The seller: C1000 BV, the second-largest food retailer by sales in the Netherlands.
The sale deal: W.P. Carey pays C1000 BV $209.3 million in U.S. cash (155 million Euros) for all six of the Dutch firm's logistics facilities.
The lease-back deal: C1000 BV leases back the six properties for 15 years. The triple-net lease means that although W.P. Carey is the owner, C1000 is responsible for paying for upkeep, any modernization of the facilities and property taxes.
The benefits to W.P. Carey: The sale-leaseback specialist grows its European portfolio to 266 properties in 16 countries, comprising 32 million square feet of space and valued at about $3.2 billion, according to the company's website.
A leaseback is very simple really. Sometimes known as a sale-leaseback or sale and leaseback, it is a transaction wherein the owner of a property sells that property and then leases it back from the buyer. The purpose of the leaseback is to free up the original owner's capital while allowing the owner to retain possession and use of the property. The type of property involved can be anything from residential or commercial real estate to equipment or vehicles.
http://www.realestatechannel.com/
Wednesday, February 16, 2011
Net Lease Investment Deals are Picking up in Sarasota County
Net Lease Investment Deals are Picking up in Sarasota County
For the past few months, it has been hard to come up with enough $1 million plus net lease investment deals in Sarasota County to fill a top 10 list. But that wasn’t a problem in January.
Kohl’s Department Stores led all net lease commercial deals in the county with its $3.8 million purchase of a 59,582-square-foot retail building at the intersection on Tamiami Trail and Central Sarasota Parkway.
Next on the list was Plantation Grove Ltd., a Sarasota company managed by Neil Malamud, which bought medical a 13,738-square-foot medical office building at 1427 S. Tamiami Trail in Sarasota for $3.75 million.
The third entry on the list, however, does not count as a sale. It was a transfer of 22,572-square-feet of office space to a bank-owned limited liability company.
Here is a complete list of the top 10 net lease investment deals in Sarasota in January:
By Michael Braga (email)
For the past few months, it has been hard to come up with enough $1 million plus net lease investment deals in Sarasota County to fill a top 10 list. But that wasn’t a problem in January.
Kohl’s Department Stores led all net lease commercial deals in the county with its $3.8 million purchase of a 59,582-square-foot retail building at the intersection on Tamiami Trail and Central Sarasota Parkway.
Next on the list was Plantation Grove Ltd., a Sarasota company managed by Neil Malamud, which bought medical a 13,738-square-foot medical office building at 1427 S. Tamiami Trail in Sarasota for $3.75 million.
The third entry on the list, however, does not count as a sale. It was a transfer of 22,572-square-feet of office space to a bank-owned limited liability company.
Here is a complete list of the top 10 net lease investment deals in Sarasota in January:
By Michael Braga (email)
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