Miami Beach, Florida – Net Lease Properties has a report on the largest Industrial Commercial Property transaction, in Florida, this year. This leased property transaction marks one of the lowest recorded cap rates since the market downturn in 2007. This report of the low cap rate is comparing it to major industrial Investment Property assets in Florida.
Even with that said there was a bidding war for the 880,543 sq. ft. Palmetto Distribution Center in Miami-Dade County. The owner fielded over 20 offers from a variety of hopeful buyers. Some groups who were interested in this leased Investment Property included Pension funds, life insurance companies, real estate investment trusts (REIT), private investors and foreign investors.
The sale price concluded at $66.5 million for the transaction of the Palmetto Distribution Center.
San Francisco-based AMB Property Corp., won the bidding war for the highly coveted industrial Investment Property. The deal equates to a 5.9% cap rate, the return AMB will receive in the first year based on the purchase price and net operating income. The seller of this net lease investment was an affiliate of TA Associates Realty, a Boston-based private equity firm.
Palmetto Distribution Center, which has been renamed as AMB Miami International Business Park, is centrally located at the interchange of the Palmetto Expressway (SR-826) and US 27 in Medley. The property consists of five Class A distribution buildings totaling 880,543 square feet and was 95% leased at the time of sale.
The net lease investment is located in Medley, Florida which is about 9 miles north west of Miami International Airport (MIA).
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List of other Retail Single Tenants that may be available as a Net Lease Property:
•AutoZone Net Lease Property
•Burger King Net Lease Property
•CVS Net Lease Property
•FedEx Net Lease Property (Federal Express Net Lease Property)
•Home Depot Net Lease Property
•Kohl’s Net Lease Property
•Kroger Net Lease Property
•Lowe’s Net Lease Property
•McDonald’s Net Lease Property
•Publix Net Lease Property
•Safeway Net Lease Property
•Staples Net Lease Property
•Target Net Lease Property
•Walgreens Net Lease Property
•Wal-Mart Net Lease Property
•Wendy’s Net Lease Property