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Here are our recommendations for single-tenant net lease properties on the market this week. You won’t want to miss these.

Walgreens | Fort Myers, FL | $7,278,350 | 4.85%

This is a great piece of real estate in the most highly sought-after tax-free state. Across from Whole Foods, next to a hospital with 365 beds, and average household income above $100K. This is one of those drug stores that just stays a drug store for lifetimes.

Marine Bank & Trust | Melbourne, FL | $2,238,938 | 5.65%

What I like about this deal: It’s is a signalized hard corner on a 1.2 AC parcel with solid demographics, and room for real estate appreciation. If the tenant ever left, it could be converted into a quick-service restaurant, or something else with a higher rent (easily $180k NOI NNN). In the meantime, you have a strong corporate guarantee with 6 years of initial term above a 5.65% cap. I wouldn’t be surprised if the Seller accepts a 5.8 or slightly higher on this. High Traffic Counts | 55,600 Vehicles Per Day

TD Bank (3-tenant) Retail Center | Miami Beach, FL | $8,983,600 | 4.00%

Great corner in a Tier 1 city with an opportunity to raise rents. 

Walgreens | Miami Beach, FL | $36,000,000 | 4.50%

Legacy builder – opportunity to redevelop this into a $120mm low rise hotel or office in long term. Assumable debt, $8mm cash to close. 

Firestone | Coconut Creek, FL | $5,800,000 | 4.83%

The lease is only 6 years, but this tenant wants to stay long term and the corporate guarantee is S&P A- Credit Rated. 

Office Depot | Tallahassee, FL | $4,645,230 | 8.03%

This would be good to redevelop into a hotel, self storage, or multifamily property if the tenant left at the end of the lease. The cash on cash is pretty high for corporate net lease standards. If I were a developer in a 1031x interested in the Tallahassee submarket, I’d give this deal a serious look.  

Michael Salafia

Office: (786) 522-7134 5201 Blue Lagoon Drive, Suite 100, Miami, FL License: FL: SL-3462183