TAMPA, FL—Triple net leased acquisitiosn are still hard to find in Florida, but one Florida-based buyer just completed a 1031 exchange on a two-tenant property on an acre of land in Spring Hill. The property sold for $1.61 million, which is a 8% cap rate.

Located just 30 minutes north of Tampa, Pet Supermarket and Humana Marketplace occupy the triple net leased asset. Teal Henderson, an associate at Calkain, exclusively represented the private seller in the deal. The property was initially introduced to the market with soon-expiring leases.

"We quickly recognized the hurdle of the current lease terms being unfavorable along with the tertiary and lesser known Florida location of Spring Hill,” Henderson said in a statement. “We counseled the seller in reaching out to the tenants and restructuring with more attractive terms.”