By JAMES FINK
jfink@bizjournals.com | 716-541-1611

National Retail Properties LP, the Orlando-based real estate investment group, has added to its local portfolio by acquiring the property where a popular miniature golf course sits.

According to documents filed in the Erie County Clerk's office, it paid $1,080,000 for Adventure Landing on Sheridan Drive, Town of Tonawanda. The property was owned by Henry Woodburn III since late 1997. Adventure Landing will continue to operate.

Chris Barry, National Retail Properties vice president of corporate communications, said it was a standard "sale-leaseback," meaning it will own the real estate but not run the entertainment complex.

The deal was one of five recently closed for similar Adventure Landing properties. The company paid $9.5 million for one in Jacksonsville and $1.4 million for a second one nearby in Florida.

The other two deals were in North Carolina.

In addition to the Tonawanda deal, the publicly traded National Retail Properties owns the land where a Tully's restaurant sits in Cheektowaga, as well as a parcel where Kwik-Pik convenience store sits in Newstead. All are sale-leaseback deals.

The company owns 1,195 investment properties in 46 states, with a total gross leasable area of 13 million square feet. About 1.3 percent of the REIT's portfolio are family entertainment centers, Barry said.

The company's stock was trading for $25.51 a share at the close of business Tuesday, up 17 cents per share.