National Retail Properties buys Venice Outback building

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 OSF Real Estate LLC

PROPERTY: 4220 S. Tamiami Trail, Venice

PRICE: $3.34 million

PREVIOUS PRICE: $600,000, October 2000

LAW FIRM ON DEED: Ropes & Gray LLP, Boston

PLANS, DESCRIPTION: Orlando-based National Retail Properties Inc. purchased a 6,048-square-foot restaurant building for $3.34 million.

The price equated to $553 per square foot.

The building's long-time tenant, Outback Steakhouse, has signed a new 20-year lease with the new ownership. Outback purchased the building from Taylor Ranch Ltd. in 2000 and built the building a year later. In 2007, Outback transferred the building to OSF Real Estate LLC, which in turn became the seller, Private Restaurant LLC.

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

The Outback purchase coincides with National Retail Properties' purchase of a 7,473-square-foot Carrabba's Italian Grill restaurant in Cape Coral from Private Restaurant LLC for $3.59 million.

National Retail Properties invests primarily in long-term, net lease retail properties. As of Dec. 31, it owned 1,422 properties in 47 states with a gross leasable area of approximately 16.4 million square feet.