Synovus Bank
Asking Price $4,020,392
CAP Rate 7.50%
4003 W Neptune St | Tampa, FL 33629 Citibank (sub-tenant Genghis Grill)
Asking Price $3,548,831
CAP Rate 7.00%
910 Providence Rd | Brandon, FL 33551
Net Lease is a type of commercial leasing agreement.
Synovus Bank
Asking Price $4,020,392
CAP Rate 7.50%
4003 W Neptune St | Tampa, FL 33629 Citibank (sub-tenant Genghis Grill)
Asking Price $3,548,831
CAP Rate 7.00%
910 Providence Rd | Brandon, FL 33551
NOI $180,000 Square Footage 2,412 sf
Rent per SF $74.63 Land Area 0.75 acres
The single tenant Office/Industrial market is highly competitive today, however, this competitiveness varies due to the nature of the tenant and the relevant market. High credit tenants in primary – especially urban – markets are among the highest in demand. According to Costar the market for single tenant NNN investments is averaging 10,000 transactions a quarter...
Just this past week, CBRE | New England closed on the sale of a five-story office building that drew more than 50 bidders, including several large financial institutions that typically focus on high-rises. The building, at 179 Lincoln St., was sold to Invesco Real Estate for $75 million.
Private-equity firms will help drive an increase in hotel transactions this year in smaller U.S. cities, where investment returns tend to be higher than in large markets, according to Jones Lang LaSalle Hotels.
Rents in most markets are still well below what they were in 2007, with the drop in some areas as much as 26%, according to data firm Reis Inc. Because of the weak market, landlords with empty space or expiring leases also have to spend large amounts on incentives to attract tenants, like free rent and interior work.
"There are markets that we're operating in that are not seeing enough of a premium in terms of what people will pay for new development [or] to start speculative new construction," said Doug Linde, president of Boston Properties, the nation's largest office landlord. The company recently completed two apartment projects adjacent to their office buildings in Washington and Boston of 335 units and 86 units, respectively, above retail space. Monthly rents start at roughly $3,000.
Investors are buying commercial property as they search for higher yields than they may find on other assets, including some fixed-income securities. Buyers have flocked to high-quality real estate, such as office towers in major coastal cities, amid increasing tenant demand.
As a whole, the Midwest sector is underserved and largely untapped in the NNN leased niche. There are virtually no firms specifically working on the NNN assets for this market. The majority of the investment grade listings are picked up by out of state brokers who may not be cognizant of the intricacies of the Midwest investor mindset and region particulars.
While Lone Star still stands to double its money from the eight-year investment in Korea Exchange Bank, its experience will undermine the government’s ability to dispose of a $3.8 billion stake in Woori Finance Holdings Co. (053000), CLSA Asia-Pacific Markets said. It also furthers the perception that South Korea, where companies sell at a discount to the rest of Asia because of concern over corporate governance and North Korean aggression, is hostile to foreigners, Market Force Co.’s James Rooney said.
