Cole Real Estate REIT buys Fort Myers Family Dollar

BUYER: Cole FD Portfolio III LLC, Phoenix

SELLER: Family Dollar Stores of Florida Inc.

PROPERTY: 3477 Dr. Martin Luther King Jr. Blvd., Fort Myers

PRICE: $1.62 million

PREVIOUS PRICE: $195,000, September 2002

LAW FIRM ON DEED: Cleary Gottlieb Steen & Hamilton LLP, New York City

PLANS, DESCRIPTION: Cole Credit Property Trust III purchased an 8,032-square-foot Family Dollar store for $1.62 million.

The price equated to $202 per square foot.

Family Dollar, which previously owned the building, has occupied it since 2004. The new owner executed a new lease agreement with Family Dollar through 2027 with several options to extend the lease.

Cole Credit Property Trust III is a real estate investment trust of Phoenix-based Cole Real Estate Investments that focuses on retail properties, principally single-tenant properties. It owns a nationwide portfolio of buildings for Best Buy, FedEx, Kohl's, Tractor Supply and Walgreens, among others.

As of March, Cole Real Estate Investments-related entities owned and managed more than 1,650 assets representing 61.5 million square feet of commercial space in 47 states. It has some $10 billion in commercial real estate assets under management.