The Real Deal Miami

RPB retail building goes for $3.7M

April 08, 2011 03:16PM

The 7,200-square-foot, freestanding retail building that houses AutoZone in Royal Palm Beach has changed hands for $3.68 million, according to CB Richard Ellis, which brokered the deal. The building, at 10641 Southern Boulevard, was owned by Southern Restaurant LLC, which sold it to Abbassi Properties. The building is subject to a new 20-year net lease. “The market for single tenant net leased investments continues to be a bright spot in the retail investment market, and this transaction is further evidence of the strong demand for these properties,” CBRE’s Dave Donnellan said of the deal. He represented the seller alongside Todd Weintraub, Bill Strauss and Mark Drazek. TRD