BUYER: James Morentin, Vista, Calif.
SELLER: Palmetto Cape Coral LLC
PROPERTY: 1523 Tropicana Parkway W., Cape Coral
PRICE: $1.8 million
PREVIOUS PRICE: $364,000, August 2010
LAW FIRM ON DEED: Gardner Bist Wiener Wadsworth & Bowden PA, Tallahassee
PLANS, DESCRIPTION: James Morentin of Vista, Calif. purchased 8,960-square-foot Dollar General store for $1.8 million.
The price equated to $201 per square foot.
The 1.2-acre property was purchased as an investment, according to Matt Ebert with the brokerage Cassidy Turley BT Commercial. The store was completed in January. Dollar General Corp. has a 15-year lease on it obligating the retailer to handle all property issues and taxes.
The purchase price equated to a payback ratio (cap rate) based on its income of $8.16%.
Robert and Rick Sanner of Cassidy Turley BT Commercial represented the seller and Lee and Associates in Carlsbad, Calif., represented the buyer.
Morentin mortgaged the property to Standard Insurance Co. for $1.2 million.