ORLANDO—A new long-term net leased investment property in the Orlando suburb of Altamonte Springs, FL has traded hands. Bayrock Investment Co. acquired the net leased asset for $5.58 million from Hupp Retail Altamonte, LLC.

Located at 510 East Altamonte Drive in Altamonte Springs, Bank United occupies the 3,025-square-foot net leased building under a new 20-year lease. CBRE's Net Lease Property Group represented the seller in the deal.

“We are seeing net lease investors reach beyond their traditional criteria in order to get their capital into the marketplace and this transaction was a perfect example of that,” says CBRE senior vice president Mark Drazek. “Even though this property was not the traditional single-tenant net lease deal as it included a second two-tenant retail building, the location, credit and lease terms made it a very attractive investment.”