Citrus growers association buys Fort Myers Arby's building

BUYER: Winter Haven Citrus Growers Association, Dundee

SELLER: The Bailey Co. LLLP

PROPERTY: 12126 S. Cleveland Ave., Fort Myers

PRICE: $1.48 million

PREVIOUS PRICE: $825,000, March 2003

TITLE FIRM ON DEED: Island Title Service Inc., Tampa

PLANS, DESCRIPTION: The Winter Haven Citrus Growers Association purchased a 3,167-square-foot fast food building for $1.48 million.

The price equated to $466 per square foot.

The citrus-growers cooperative purchased the property as an investment. The building is covered under a long-term lease to an Arby's franchisee.

The Dundee-based association declined to comment on the purchase.