NAPLES, FL – David Wells (top right photo) and Adam Wells (top left photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, have successfully closed a Bank United ground lease in Naples, FL representing both the buyer and seller. The sales price of $2,500,000 equates to a 6.15% cap rate.
David Wells, a Senior Associate in the firm’s Miami office exclusively represented the seller. His brother Adam Wells, also a Senior Associate in the Miami office, represented the buyer.
Both the buyer and seller reside in South Florida. The Wells’ have worked together in the past successfully executing multiple retail transactions across the country.
“Single-tenant net-leased assets with ten years of term or more in core primary and secondary locations remain the strongest retail product type,” says David Wells.
“And since this property has a long-term lease with a major financial institution and has a premium location on an outparcel of a Publix anchored center we were able to maximize price for the seller” explains Wells.
“This property is expected to deliver strong returns over the long term and is secured by Bank United which is rapidly expanding across the state and country” Adam Wells says.
“My client will benefit from a stabilized income stream and future appreciation of an outstanding irreplaceable piece of land in Naples, FL down the street from the Ritz Carlton and Gulf of Mexico.
Located at 8877 Tamiami Trail, Naples, FL the site was formerly occupied by Wachovia until Bank United executed a new lease this year. The building was originally constructed in 1997.
Contact: David Wells, (786) 522-7068
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