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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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