Millennium Management buys land for Bank United building

BUYER: MIP Naples 1 LLC (Millennium Management LLC), Miami

SELLER: Edgewood Naples LLC

PROPERTY: 8877 Tamiami Trail N., Naples

PRICE: $2.52 million

PREVIOUS PRICE: $950,000, August 1994

LAW FIRM ON DEED: The Kopelowitz Ostrow Firm PA, Fort Lauderdale

PLANS, DESCRIPTION: Millennium Management LLC of Miami purchased 1.03 acres of land housing a bank building for $2.52 million.

Built in 1997, the building was formerly occupied by Wachovia.

The price equated to a payoff ratio based on income (capitalization rate) from a ground lease of 6.15%. Bank United, which owns the building, executed a new lease on the land this year.

David Wells of Marcus & Millichap's Miami office represented the seller and Adam Wells, also of Marcus & Millichap represented both the buyer.

“Single-tenant net-leased assets with 10 years of term or more in core primary and secondary locations remain the strongest retail product type,” David Wells says in a press release. “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.”