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BUYER: Timberlane Properties Inc., New Orleans
SELLER: Michael Helms as trustee of the VT Helms Family T
PROPERTY: 17080 S. Tamiami Trail, Fort Myers
PRICE: $2.19 million
PREVIOUS PRICE: $2.49 million, March 1995
LAW FIRM ON DEED: Katz Barron Squitero Faust, Fort Lauderdale
PLANS, DESCRIPTION: A New Orleans company purchased a 14,820-square-foot Walgreens building for $2.19 million.
The price equated to $148 per square foot.
Timberlane Properties purchased the property as an investment.
Walgreens has a lease on the 15-year-old building through at least January 2015. The existing lease agreement can be extended in five-year increments after that until 2045. The double-net lease requires the landlord to make roof and structural repairs.
The freestanding building occupies a 2.61-acre site.
The property was purchased through a 1033 Exchange tax-gain deferred exchange for property affected by Hurricane Katrina.
Marc Strauss of Marcus & Millichap's Fort Lauderdale office and Al Palacios in Marcus & Millichap's Miami office handled the transaction.
“It was picked up for a 10-plus cap rate, which is indicative of the only four years left on the lease,” Strauss says.
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