ORLANDO—A triple-net leased Starbucks in Bradenton, FL has changed hands. Charlotte-based Bayrock Investment Company acquired the net leased asset for $1.917 million 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. The net leased property is part of the company's plan to leverage ongoing growth in the Sarasota/Bradenton market.
“Our client is a seasoned retail developer in the southeast market,” says 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.”
According to CBRE, the net lease market continues to experience a 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,” says Drazek, who has been part of the CBRE Net Lease Property Group in Florida for more than 12 years. His team has performed over 200 transactions throughout the state for both developers and owners of single tenant properties.
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