Carrabba's building sells for $3.59M

BUYER: National Retail Properties LP (principals: Craig Macnab, Kevin Habicht, Julian Whitehurst, Christopher Tessitore and Paul Bayer), Orlando

SELLER: Private Restaurant LLC successor by merger to CIG Real Estate LLC

PROPERTY: 762 S.W. Pine Island, Cape Coral

PRICE: $3.59 million

PREVIOUS PRICE: $577,500, November 2004

LAW FIRM ON DEED: Ropes & Gray LLP, Boston

PLANS, DESCRIPTION: Orlando-based National Retail Properties Inc. purchased a 7,473-square-foot Carrabba's Italian Grill restaurant building for $3.59 million.

The price equated to $481 per square foot.

Carrabba's Italian Grill Inc. purchased the property in November 2004 and developed the restaurant building in 2005. It has signed a new 20-year lease with National Retail Properties.

Chris Barry, vice president of corporate communications at National Retail Properties, confirmed the acquisition, but declined to comment further.

The Cape Coral purchase coincides with National Retail Properties' acquisition of a 6,048-square-foot Outback Steakhouse building in Venice from Private Restaurant LLC for $3.34 million.

As of Dec. 31, it owned 1,422 properties in 47 states.