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Commercial Real Estate
Business Observer Friday, Aug. 12, 2011 10 years ago

Union, N.J., investors buy Tamiami Trail CVS land

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Investors Bernardino and Maria Simones of Union, N.J., purchased 1.3 acres of land housing a 15,143-square-foot CVS/pharmacy building for $2.63 million.

BUYER: Simoes Property Group Florida LLC (principals: Bernardino and Maria Simones), Union, N.J.

SELLER: Ramco-Gershenson Properties LP

PROPERTY: 1200 and 1220 S. Tamiami Trail, Osprey

PRICE: $2.63 million

PREVIOUS PRICE: $5.95 million, May 1998

LAW FIRM ON DEED: Honigman Miller Schwartz and Cohn LLP, Bloomfield Hills, Mich.

PLANS, DESCRIPTION: Investors Bernardino and Maria Simones of Union, N.J., purchased 1.3 acres of land housing a 15,143-square-foot CVS/pharmacy building for $2.63 million.

CoStar Group reports CVS Caremark has a 21-year ground lease on the property that started in 2009, when the drug store was built. Lori Schneider of Marcus & Millichap represented the buyers.

“The reason that it was of market appeal was the management-free nature of the investment and the good location with a strong tenant,” Schneider wrote explaining the buyer's attraction to the property.

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