Cole REIT buys part of Forum at Fort Myers

BUYER: Cole Mt Fort Myers FL LLC (Cole REIT Advisors III LLC), Phoenix, Ariz.

SELLER: Forum NAP LLC

PROPERTY: 3330, 3230-3274 Forum Blvd. and 9322 and 9360-9390 Dynasty Drive, Fort Myers

PRICE: $34.25 million

PREVIOUS PRICE: $13.2 million, May 2005

LAW FIRM ON DEED: Graydon Head & Ritchey LLP, Cincinnati

PLANS, DESCRIPTION: Phoenix-based Cole Credit Property Trust III (Cole REIT III) purchased 185,799 square feet of retail space in The Forum at Fort Myers for $34.25 million.

The price equated to $184 per square foot.

The purchase included a freestanding building, operated by SunTrust Bank, two centers and additional land.

The company declined to comment on the purchase.

Cincinnati-based North American Properties opened the 480,000-square-foot The Forum at Fort Myers center in mid-2008. Anchor tenants in the center include Target, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Books-A-Million, Staples, PETCO, Rack Room Shoes, Mattress Giant and The Home Depot.

Earlier this year, Cole Real Estate Investments purchased three shopping centers in Florida totaling $48.5 million: the Nature Coast Commons in Spring Hill, Century Town Center in Vero Beach and a portion of Riverside Centre in St. Augustine.

As of June 27, Cole REIT III owns 541 properties in 42 states. Its portfolio covers 24.2 million gross rentable square feet, with an acquisition cost of $3.8 billion.