Nebraska family trust buys Naples CVS/pharmacy

BUYER: RTG LLC (principals: Robert and Joanne Weigel), Lincoln, Neb.

SELLER: S3G Holdings LLC

PROPERTY: 6800 Collier Blvd., Naples

PRICE: $5.35 million

PREVIOUS PRICE: $6.1 million, September 2006

LAW FIRM ON DEED: Quarles & Brady LLP, Naples

PLANS, DESCRIPTION: A private family trust in Nebraska associated with the Realty Trust Group purchased a 13,824-square-foot CVS/pharmacy drug store for $5.35 million.

The price equated to $387 per square foot and a payoff ratio (capitalization rate) based on income of 7.33%.

CVS Caremark signed a 20-year lease on the property in November 2004. The lease agreement calls for CVS to maintain the building, pay for its insurance and all real estate taxes.

Jim Gibson and Mike Parker of the Stan Johnson Co.'s Houston office represented the seller.

“It's in a good area of Florida with good traffic counts and demographics,” Parker says. “Store sales there have been trending upward. They increased 9% from 2009 to 2010.”

The new owner assumed a $4.33 million loan on the property issued by Bank of America.