California investment firm buys Sunbelt Rentals building

BUYER: AAE Pacific Park Associates LLC, Costa Mesa, Calif.

SELLER: FTMyers 276 LP

PROPERTY: 5061 Luckett Road and 5916 Enterprise Parkway, Fort Myers

PRICE: $2.22 million

PREVIOUS PRICE: $1.71 million, May 2010

LAW FIRM ON DEED: Fishman Jackson Luebker, Dallas

PLANS, DESCRIPTION: A Costa Mesa, Calif., limited liability company purchased the 14,800-square-foot Sunbelt Rentals building in the Billy Creek Commerce and Industrial Park for $2.22 million.

The price equated to $150 per square foot.

Sunbelt Rentals has more than 10 years remaining on its lease on the property, which it has subleased to Layne Christensen.

The 10-year-old building, which occupies a 6.69-acre site, features 4,200 square feet of office space. It also includes eight overhead doors and a dock-high loading ramp for semi-truck deliveries. The property's security system includes motion sensors, door contacts and an audio surveillance system that covers the storage yard area. More than an acre surrounding the building is paved.

The property owner is responsible for the roof and structures, but the parking lots and exterior paint cost is shared with the tenant.

Sunbelt's British parent Ashtead Group PLC guarantees the lease agreement.

Michael Cargile of Voit Real Estate Services represented the buyer.