South Bend's Raitt Corp. buys Cross Creek Shell land

South Bend's Raitt Corp. buys Cross Creek Shell land

BUYER: Raitt Corp., South Bend, Ind.

SELLER: Cross Creek Shell LLC

PROPERTY: 10960 Cross Creek Blvd., Tampa

PRICE: $2.4 million

PREVIOUS PRICE: $900,000, June 2005

LAW FIRM ON DEED: Hobby & Hobby Esq., Tampa

PLANS, DESCRIPTION: South Bend, Ind.-based real estate company Raitt Corp. purchased a 5,224-square-foot Shell service station and small car wash at the northwest corner of Cross Creek Boulevard and Morris Bridge Road/County Road 579 for $2.4 million.

The purchase price equated to $392 per square foot.

The gas station sits on a 1.32-acre outparcel to the Publix-anchored Cross Creek Commons shopping center. It was purchased as part of a 1031 capital gains free exchange.

Following the sale, the store's operator and the regional fuel supplier for Shell signed a 20-year triple net lease.

Patrick Nutt of Calkain Realty Advisors, the private market division of Calkain Companies, represented the seller, Cross Creek Shell LLC.

“This deal had all the right things going for it, from the long term passive lease and credible tenant, to the quality underlying real estate and strong historical sales.” Nutt said in a press release. “Given the significant uptick in the net lease investment market during the 2nd half of 2009, this sale seems to be one of many in a steady return to normalcy. Led primarily by the markets' overall level of confidence that the worst of the economic turmoil may finally be behind us, net lease investments have garnered a popular following for those looking for stable income.”

Raitt Corp. owns and manages commercial and industrial properties primarily in the Midwest.