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New York investor buys Lockwood Ridge Walgreens

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  • | 5:53 p.m. May 14, 2010
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  • Tampa Bay-Lakeland
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BUYER: 1825 Brentwood Road Inc., Smithtown, N.Y.

SELLER: Lockwood 17 LLC

PROPERTY: 1700 Lockwood Ridge Road, Sarasota

PRICE: $5.4 million

PREVIOUS PRICE: $1.75 million, July 2008

LAW FIRM ON DEED: Forlizzo Law Group PA, Safety Harbor

PLANS, DESCRIPTION: A Long Island, N.Y. real estate investor purchased a 14,560-square-foot Walgreens drugstore for $5.4 million.

The price equated to $371 per square foot. The store is at the intersection of Lockwood Ridge Road and 17th Street.

David Sobelman of the Calkain Companies in Tampa represented the seller and Island Associates Real Estate of Smithtown, N.Y. represented the buyer. The buyer used a portion of the proceeds from a 1031 exchange for the purchase.

Walgreens leased the building for 25 years with an option to renew for up to an additional 50 years.

“The fact that it was in Florida was big [for the buyer],” Sobelman says. “It is one of seven states with no income lease. [The property] is a net-leased investment with stabilized income, which is one of the bright spots for commercial real estate.”

The building was built late last year.


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