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BUYER: Cole MT Northpoint (Cape Coral) FL LLC, Phoenix
SELLER: NAP Northpoint LLC
PROPERTY: 1811-1847, 1851 and 1803 and N.E. Pine Island Road, Cape Coral
PRICE: $10 million
PREVIOUS PRICE: $3.32 million, June 2005
LAW FIRM ON DEED: Graydon Head & Ritchey LLP, Cincinnati
PLANS, DESCRIPTION: The real estate investment trust Cole Credit Property Trust III purchased the 110,981-square-foot Northpoint retail shopping center for $10 million.
The price equated to $90 per square foot.
A.C. Moore Arts & Crafts, Bed Bath & Beyond and PetSmart anchor the 2-year-old center, according to the real estate research firm the CoStar Group. The center was 87% occupied as of CoStar's most recent appraisal of the property.
“We just felt it would fit well into the REIT,” says Mandy Childers, acquisitions assistant for Northpoint's property manager Cole Real Estate Investments. “Last year alone [Cole Credit Property Trust III] acquired about $2 billion worth of real estate.”
Started in 1978, Cole Real Estate Investments has more than $7 billion worth of commercial real estate under management.
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