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Cole Real Estate buys CVS store

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  • | 1:08 p.m. July 16, 2010
  • Commercial Real Estate
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BUYER: Cole CV Ft Myers Fl LLC, Phoenix

SELLER: Centres Jetport LLC

PROPERTY: 13591 Jetport Commerce Parkway, Fort Myers

PRICE: $5.97 million

PREVIOUS PRICE: $2.9 million, April 2009

LAW FIRM ON DEED: Lytle Cartwright & Smith PLC, Scottsdale, Ariz.

PLANS, DESCRIPTION: Phoenix-based Cole Real Estate Investments purchased a 12,900-square-foot CVS Pharmacy building for $5.97 million.

The price equated to $462 per square foot.

The drugstore was built in 2009 and occupies a 2.24-acre site. CVS has more than 10 years left on its lease.

Cole Real Estate Investments buys and holds long-term leased single-tenant, freestanding or big box retail real estate. As of March 31, the company owned 1,038 properties with more than 28 million square feet. Nearly a fifth of its $5.4-billion portfolio was leased to drugstore operators CVS and Walgreens.


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