California investors buy Verizon store for $2.2 million

BUYER: VZ NN Cape Coral LLC (Studio Homes #1 LP), Hillsborough, Calif.

SELLER: BW Pine Island LLC

PROPERTY: 1803 N.E. Pine Island Road, Cape Coral

PRICE: $2.2 million

PREVIOUS PRICE: $10 million, April 2011

LAW FIRM ON DEED: Gardner Brewer Martinez-Monfort PA, Tampa

PLANS, DESCRIPTION: The California investment group Studio Homes #1 LP purchased a 4,000-square-foot retail freestanding building for $2.2 million.

The price equated to $549 per square foot.

Tampa-based Brightwork Real Estate, the seller, purchased the 0.91-acre vacant outparcel site in mid-2011. It then developed a new store for Verizon Wireless that it opened in late October. Marketing materials say Verizon has eight years remaining on its lease.

The building was sold as passive income.

Austin Simmons, a principal with Brightwork Real Estate, says credit worthy tenant-leased properties are in high demand right now, because of a dwindling supply.