Sarasota investor buys new Walgreens building

BUYER: The Milman Group LLC (principal: Susan Milman), Sarasota

SELLER: Cedar Pointe Plaza LLP

PROPERTY: 611 Burnt Store Road S., Cape Coral

PRICE: $5.16 million

PREVIOUS PRICE: $4.6 million, May 2010

LAW FIRM ON DEED: Fox, Wackeen Dungey Beard Sobel Bush & McCluskey LLP, Stuart

PLANS, DESCRIPTION: Susan Milman of Sarasota purchased a 14,820-square-foot Walgreens drug store for $5.16 million.

The price equated to $348 per square foot.

Anthony Blanco and Jim Michalak of Plaza Advisors represented the seller and Matt McNeill of Cassidy Turley BRE Commercial represented the buyer.

The building, an outparcel to the Coral Shores Center, was purchased as a passive investment.

Built in early 2010, the building is leased to Walgreen Co. Under the triple net lease, Walgreen Co. is responsible for the building insurance, maintenance, common area maintenance fees, real estate taxes and repairs.

Blanco says the capitalization rate, a key measure of purchase price payoff based on income, was below 7%.

The purchase entity The Milman Group LLC mortgaged the property to Northern Trust NA for $3.09 million.