National Retail Properties buys SunTrust building

BUYER: National Retail Properties LP (principals: Craig MacNab, Kevin Habicht, Julian Whitehurst, Christopher Tessitore and Paul Bayer), Orlando
SELLER: IA Branch Florida Portfolio LLC fka St. Florida Portfolio VI LLC
PROPERTY: 530 Cape Coral Parkway E., Cape Coral
PRICE: $2.17 million
PREVIOUS PRICE: $720,000, December 1996

PLANS, DESCRIPTION: Orlando-based National Retail Properties Inc. purchased a 4,417-square-foot bank building for $2.17 million.

The price equated to $491 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

SunTrust Bank has leased the building since 2008. The initial term of the SunTrust triple-net lease is scheduled to run through March 31, 2018.

National Retail Properties is a public real estate investment trust that invests primarily in properties covered under long-term net leases. The company owns a portfolio of 1,636 properties in 47 states.

The seller was an affiliate of Oak Brook, Ill.-based Inland American Real Estate Trust Inc.