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Business Observer Thursday, Mar. 3, 2022 4 months ago

Auto parts store in small rural town sells for $3 million

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Just-built O'Reilly Auto Parts store with 15 year lease sells to Florida investor.
by: Louis Llovio Commercial Real Estate Editor

IMMOKALEE — It’s not just big city properties that are bringing big prices.

An O’Reilly Auto Parts occupied building in Immokalee has sold for $3 million.

The 7,205-square-foot building, which was just built, sits on 1.04 acres at 1004 N. 15th St., the main thoroughfare in the small rural town on edge of the Everglades in east Collier County. It is near a 50,000-square-foot Winn-Dixie, the only large grocery store in town.

Immokalee is the rarest of Florida towns in that there isn’t a single car dealership on the commercial district, but the new O’Reilly is the fourth auto parts store.

There is an existing 15-year corporate-backed lease on the building.

The  buyer was Florida TI Apartments.

William Wamble, who represented the seller for SRS Real Estate Partners' national net lease group, says in statement announcing the sale that the property brought the full asking price “in this off-market transaction. The buyer went under contract at the beginning of the construction process.”

The closing cap rate was 5%.

That a piece of property can bring $3 million in a town of 24,000 people is the latest sign of how hot the real estate market is right now all over the region. 

But even that isn’t the biggest deal for an improved commercial property in Immokalee in the past year: According to Collier County property records, in November a Chicago investment company bought the Walgreens store at 1450 Immokalee Dr. for $5.7 million.

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