PALM BEACH—A Best Buy just traded in an off-market transaction in Boca Raton, FL. The single-tenant triple net leased asset sold for $11.5 million. The 59,500-square-foot Best Buy sits on 4.7 acres of land.

The buyer, Magi Henderson, has ties to Santa Monica, CA-based REIT Pacific Star. The seller, Palmer Chicago Investment Company, a California general partnership, is affiliated with Black Equities Group of Beverly Hills, CA.

"The sale of this Boca Raton Best Buy highlights the strong appetite investors have for well-located net lease properties across the country and growing confidence in the sector of consumer electronic tenants,” Hanley Investment Group president Ed Hanley, who arranged the sale, tells GlobeSt.com. Best Buy is located at 20540 State Road 7 in the Shadowood Square shopping center. Bed Bath & Beyond, Regal Cinemas, Old Navy, Stein Mart, Walgreens, and McDonald's are among the tenants.