ORLANDO, Florida— February 3, 2015—Kireland Management, LLC has purchased a single tenant building, occupied by Regions Bank for $4,600,000. The land and building sale, located at 7350 Underhill Road in Orlando, Florida, had more than nine years left on its 20-year absolute net lease with Regions Bank at the time of the sale.
“Currently, there is a large investor demand for quality single tenant net leased properties with lease term and credit tenants,” stated Ryan Barr of the Net Leased Investment Team with Lee & Associates – North San Diego County. “When you combine this demand with the current low interest rate environment and the lack of supply in the market place today, we continue to see cap rate compression” The seller, LandQuest XXI, LLC, chose to sell their property now in order to take advantage of this seller’s market, rather than refinance the debt and hold. Barr along with business partner, Ryan Bennett, represented the seller LandQuest XXI, LLC in the transaction.
“The property has strong real estate fundamentals that consist of a hard corner location along with excellent demographics and traffic counts,” said Ryan Bennett. “The rent is in line with the market and it is clear that this location will always be in high demand if the current tenant ever left.”
Barr & Bennett Net Leased Investments, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of single tenant net leased assets nationwide.