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Store Master Funding II buys, leases Manatee Learning Academy

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  • | 3:59 p.m. November 30, 2012
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  • Manatee-Sarasota
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BUYER: Store Master Funding II LLC (principals: Christopher Volk, Michael Bennett and Catherine Long), Scottsdale, Ariz.

SELLER: Peerage Properties LLC

PROPERTY: 6210 17th Ave. W., Bradenton

PRICE: $2.66 million

PREVIOUS PRICE: $1.6 million, February 2008

LAW FIRM ON DEED: Kutak Rock LLP, Denver

PLANS, DESCRIPTION: Store Master Funding II LLC, a subsidiary of Scottsdale, Ariz.-based Store Capital Corp., purchased the 23,329-square-foot Manatee Learning Academy building for $2.66 million.

The price equated to $114 per square foot.

Built in 1982, the private school building occupies a 3-acre parcel.

The new owner has leased the property to Ms. Manners Inc. dba Learning Unlimited and Learning Unlimited School Inc. dba Manatee Learning Academy.

The Manatee Learning Academy operates the building as a private preschool for children ages 6 weeks to 12 years old.

Store Capital and its affiliate companies invest in single tenant real estate. In most cases, these sales are financial transactions, where a tenant sells its building for the upfront capital in exchange for a long-term lease. The company has invested $10 billion in some 7,000 properties.

Store Master Funding II LLC mortgaged the property to CitiBank NA for $2.67 million.


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