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BUYER: 4233 South 31 Street LLC (principal: Kim Swearingen), Elkhart, Kan.
SELLER: Collier RE LLC
PROPERTY: 6505 Dudley Drive, Naples
PRICE: $1.1 million
PREVIOUS PRICE: $1.7 million, March 2009
LAW FIRM ON DEED: Barry S. Yarchin PA, Miami
PLANS, DESCRIPTION: A purchase entity led by Kim Swearingen of Elkhart, Kan., purchased a 5,021-square-foot auto repair building south of Pine Ridge Road for $1.1 million.
The price equated to $219 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.
Located on a 1.08-acre parcel, the building is leased to Rick Johnson Auto & Tire. The auto service and tire retailer chain has operated from the Dudley Drive property for a number of years. It originally sold the property to Collier RE LLC, the current seller, in a sale-leaseback transaction in mid-2009.
Marketing materials indicate that the triple net lease on the property generates an annual net operating income of $136,000. The purchase price equates to an annual payoff ratio based on income (capitalization rate) of 12%.
Rick Johnson Auto & Tire currently operates 10 stores in Bonita Springs, Estero and Naples.
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