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Naples investment group buys Vanderbilt CVS store

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  • | 7:41 a.m. August 17, 2012
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  • Commercial Real Estate
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BUYER: JFN 2375 LLC (Jerry Nichols as trustee), Naples

SELLER: TIBO Management Inc.

PROPERTY: 2375 Vanderbilt Beach Road, Naples

PRICE: $3.28 million

PREVIOUS PRICE: $3.15 million, September 2002

ATTORNEY ON DEED: Michael K. Feldman Esq., Bay Harbor Islands

PLANS, DESCRIPTION: An investment group, managed by financial representative Jerry Nichols of Northwestern Mutual, purchased a 11,200-square-foot CVS pharmacy on Vanderbilt Beach Road for $3.28 million.

The price equated to $292 per square foot.

Nichols did not return calls for comment prior to deadline.

David Stevens of Investment Properties Corp. handled the transaction.

The property in the Shoppes at Vanderbilt was purchased as a long-term passive investment. CVS has eight years remaining on its lease and is responsible for maintaining the building, property taxes and insurance.

The center sits on a 1.49-acre parcel.


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