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BUYER: MIP Naples 1 LLC (Millennium Management LLC), Miami
SELLER: Edgewood Naples LLC
PROPERTY: 8877 Tamiami Trail N., Naples
PRICE: $2.52 million
PREVIOUS PRICE: $950,000, August 1994
LAW FIRM ON DEED: The Kopelowitz Ostrow Firm PA, Fort Lauderdale
PLANS, DESCRIPTION: Millennium Management LLC of Miami purchased 1.03 acres of land housing a bank building for $2.52 million.
Built in 1997, the building was formerly occupied by Wachovia.
The price equated to a payoff ratio based on income (capitalization rate) from a ground lease of 6.15%. Bank United, which owns the building, executed a new lease on the land this year.
David Wells of Marcus & Millichap's Miami office represented the seller and Adam Wells, also of Marcus & Millichap represented both the buyer.
“Single-tenant net-leased assets with 10 years of term or more in core primary and secondary locations remain the strongest retail product type,” David Wells says in a press release. “And since this property has a long-term lease with a major financial institution and has a premium location on an outparcel of a Publix-anchored center, we were able to maximize price for the seller.”
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