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1031 Exchange Buys Triple Net Ground Lease

TAMPA, FL—Franklin Street's Rafael Wright tells GlobeSt.com's Jennifer LeClaire why he expects to see more deals like this one in 2013.

By Jennifer LeClaire | Updated on January 10, 2013

TAMPA, FL—In a deal that demonstrates the triple-net lease market is still commanding low cap rates, the Regions Bank ground lease has traded for $3.7 million. The buyer was part of a 1031 exchange that also financed a small portion of the purchase through a life insurance company.

Jonathan Graber and Rafeal Wright of Franklin Street Real Estate Services represented the seller in the transaction, Nelco Kennedy Property, LLC. Richard Fisher of Hold-Thyssen represented the buyer, an investment group out of Germany.

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