ORLANDO, FL—It's a record cap rate for a Wells Fargo branch. Net lease specialist Calkain Companies just settled on the $1.245 sale of a single-tenant Wells Fargo Bank ground lease in the Tampa suburb of Bradenton, FL.
Stephen Counts, associate director located in the firm's Atlanta office, alongside David Sobelman, executive vice president and managing partner out of the Tampa, office, represented the seller, Bersam Development. The net leased asset is located at 6285 14th Street West and saw multiple offers that concluded with an all-cash deal close to full price.
"Having a triple net lease investment transact at a 5.7% return with roughly four years remaining in the tenant's second renewal option period is a strong indication that Calkain's ability to maximize the value of any of its client's assets is unmatched,” Sobelman tells GlobeSt.com. Wells Fargo Bank recently became the lender with the largest market value in the world.
First National Bank first occupied the 4,186-square-foot building over 35 years ago.
It was renamed Wells Fargo through its 2008 acquisition of Wachovia. In December 2014, the tenant executed their five-year option, which commenced in April 2015.
“It was a great deal for both parties,” says Counts. “Our client was pleased with the record setting cap rate for a Wells Fargo Bank having less than five years of remaining term. The buyer was able to exchange into this Wells Fargo Branch, a Fortune 500 Company, in an area that will experience significant real estate growth going forward."
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