An affiliate of San Diego-based Realty Incomepaid just under $4.9 million on June 27 for a NNN-leased big box retail property northeast of the Florida Mall, its second local acquisition in the past two weeks.
Located at 795 W. Sand Lake Road, the 3.08-acre property was developed in 2006 with a 25,351-square-foot building leased by Northern Tool & Equipment. The deed was recorded Monday in Orange County.
The seller was Florida Mall Shadow LLC, an affiliate of California-based commercial real estate investor Gaetano L. Belcore. He paid $4.1 million for the parcel in December 2006, with what was then a new national retail tenant lease.
"You're talking to the latest retiree in America," Belcore told GrowthSpotter on Monday. "I'm not interested in reinvesting the (sale proceeds), and will be investing it to enjoy the rest of my life with family. I've been in this business 47 years, ... that was my only asset in (Greater Orlando)."
Realty Income's buyer affiliate also filed an updated lease assignment memorandum with the county, which carries over the lease that Northern Tool & Equipment signed in March 2006 with the original developer, which was for 15 years (through 2021) and two five-year options to extend.
Realty Income owns 370 or more propertes in Florida as of this past April, per a portfolio summary on its website. Those include sites for at least 10 other NNN single-tenant retailers in Orange County.