German investor 1030 International buys Marco Island Walgreens

BUYER: 1030 International Speedway Boulevard Ltd. (Radcon LP), Naples

SELLER: Dazy/Olympia Joint Venture

PROPERTY: 1100 Collier Blvd. N., Marco Island

PRICE: $5.7 million

PREVIOUS PRICE: $2.45 million, June 1999

LAW FIRM ON DEED: Cheffy Passidomo, Naples

PLANS, DESCRIPTION: An undisclosed German investor, operating as 1030 International Speedway Boulevard Ltd., purchased a 14,467-square-foot Walgreens building on Marco Island for $5.7 million.

The price equated to $394 per square foot.

Walgreen Co. has eight years remaining on its lease of the 11-year-old building. The long-term double net lease obligates the Walgreen Co. to pay the property tax and building insurance.

Dougall McCorkle of Premier Commercial Inc. in Naples represented the seller, and Rainer Filthaut of International Realty Co. represented the buyer.

“The buyer was attracted by the passive income, the location and the tenant,” says Filthaut, who advises Europeans and Middle Easterners in U.S. investments. “Demand is steadily increasing from European investors.”