National retail REIT buys Camping World property

BUYER: National Retail Properties LP, Orlando
SELLER: RV Realty Associates LLC
PROPERTY: 4811 McIntosh Road and 13025 Gore Road, Dover
PRICE: $8 million
PREVIOUS PRICE: $1.88 million, October 2004
LAW FIRM ON DEED: Hagood & Garvey, Maitland

PLANS, DESCRIPTION: Orlando-based National Retail Properties Inc. purchased an 11,680-square-foot RV dealership site and a 2,098-square-foot single-family home for $8 million.

The price equated to $577,617 per acre. That figure is lower than the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.

The property includes a 12.84-acre parcel on McIntosh and an adjacent acre piece on Gore Road. The dealership building was built in 2007 and is visible from Interstate 4.

A real estate investment trust, National Retail Properties primarily buys and holds single-tenant net leased retail properties as investments. It has already executed a new lease agreement with the two companies of tenant Camping World (CWI and Emerald Coast RV Centers LLC). Camping World, which sells recreational vehicles and outdoor camping accessories and services, has agreed to lease the property through Jan. 15, 2031.

Founded in 1966, Camping World has more than 100 SuperCenters nationwide.

National Retail Properties owns 1,622 freestanding retail properties in 47 states with a total gross leasable area of 19.2 million square feet.