BUYER: ARCP FD Portfolio XIV LLC (American Realty Capital Properties Inc.), Phoenix
SELLER: HRES Immokalee LLC
PROPERTY: 225 New Market Road W., Immokalee
PRICE: $1.87 million
PREVIOUS PRICE: $491,300, December 2013
Phoenix-based real estate firm American Realty Capital Properties Inc. purchased a 8,320-square-foot retail building for $1.87 million.
The price equated to $225 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.
The seller, an affiliate of Tampa-based Hunt Real Estate Services Inc., demolished a 901-square-foot office building on the site late last year. Silverking Contracting Inc. of Clearwater developed the current store earlier this year. It is leased and operated by Family Dollar.
American Realty Capital Properties invests in buildings leased to investment grade and other credit-worthy tenants, such as Walgreens, FedEx, General Electric, Goodyear and Proctor & Gamble. According to its website, the company owns 29 Family Dollar stores in Florida.