Schottenstein Property Group buys Pine Island Marketplace

BUYER: Pine Island JV SRT LLC (Pine Island Srop LLC), Columbus, Ohio

SELLER: Land Holding LLC

PROPERTY: 511-531 S.W. Pine Island Road, Cape Coral

PRICE: $7 million

PREVIOUS PRICE: $5 million, March 2006

LAW FIRM ON DEED: Sitko Rodella & Bruno LLC, Pittsburgh, Pa.

PLANS, DESCRIPTION: Columbus, Ohio-based Schottenstein Property Group Inc. purchased the 71,444-square-foot Pine Island Marketplace retail center for $7 million.

The price equated to $98 per square foot.

The nearly 5-year-old center houses Office Max, Dress Barn, Famous Footwear and several other small shops. It was roughly 82% to 84% occupied at the time of the sale.

The surrounding development is anchored by a 40,196-square-foot Walmart and a 88,805-square-foot Kohls, which are both separately owned and not included in the sale.

The purchase price was equivalent to a capitalization rate (sale price payoff based on income) of 10.2%.

John Mounce of LandQwest Commercial handled the transaction.

“It was in excellent condition,” Mounce says. “The hardest part was that people from outside the area don't understand how Cape Coral has started to bounce back. The good news just doesn't seem to get through.”

Schottenstein Property Group is an owner, operator, acquirer and redeveloper of shopping centers throughout the United States. The company has an interest in more than 156 properties in 27 states with more than 21 million square feet of gross leasable space. Its affiliated companies own properties for Albertsons LLC, Montgomery Ward Holding Corp., Service Merchandise Co. Inc. and Best Products Inc.