Phoenix REIT Cole Trust II buys new Sarasota Trader Joe's building

BUYER: Cole TR Sarasota FL LLC, Phoenix

SELLER: CAP Sarasota LLC

PROPERTY: 4101 S. Tamiami Trail, Sarasota

PRICE: $7.23 million

PREVIOUS PRICE: $3.95 million, February 2012

LAW FIRM ON DEED: Smith Moore Leatherwood LLP, Greenville, S.C.

PLANS, DESCRIPTION: A trust of Cole Real Estate Investments has purchased the newly opened Trader Joe's store building for $7.23 million.

The price equated to $411 per square foot.

Earlier this year Centennial American Properties purchased the former Rooms To Go retail store and renovated it to house the California specialty grocer.

The building and property was purchased by the real estate investment firm's Cole Credit Property Trust III.

While the purchase is Cole's first Trader Joe's in Florida, it purchased another Trader Joe's in Lexington, Ky., in July.

Cole says its commercial retail real estate investment strategy focuses primarily on owning single-tenant retail properties, leased long term to well-known, industry-leading tenants.

Cole is a sponsor of REITs designed to appeal to individual investors. At the end of August, its entities owned and managed more than 1,925 properties in 47 states.