Roger Delisle of Island Associates Real Estate Inc. negotiated and closed the purchase and sale of 306 US Highway 17-92 in Longwood, FL for $2.511 million. The site is ground leased to Starbucks Corp., and has been developed with a 2,275 s/f Starbucks with a drive-thru. The store opened for business in summer 2019. The Starbucks lease has a base term of 10 years plus options, and is a NNN ground lease.
The seller was WPG-LONGWOOD LLC, who was the developer of the site for Starbucks. The purchaser is a real estate owner and operator who ow
ns properties throughout the East Coast, who purchased this property as a replacement property under a 1031 exchange.
The purchaser was represented by Island Associates and the seller was represented by Matthews Real Estate Investment Services.
Please find original article at: https://nyrej.com/delisle-of-island-associates-negotiates-2-511m-sale