Dale Mabry Nordstrom Rack sells for $12 million

BUYER: Cole NR Tampa FL LLC (Cole Real Estates Investments), Phoenix

SELLER: VNO TRU Dale Mabry LLC

PROPERTY: 1702 N. Dale Mabry Highway, Tampa

PRICE: $12 million

PREVIOUS PRICE: $6.52 million, October 2006

LAW FIRM ON DEED: Sills Cummis & Gross PC, Newark, New Jersey

PLANS, DESCRIPTION: Cole Real Estate Investments' newest real estate investment trust Cole Credit Property Trust IV purchased a 44,724-square-foot Nordstrom Rack store building for $12 million.
The price equated to $268 per square foot.

Nordstrom Inc. has eight years remaining on its current lease on the building with several renewal options. The store is only the second Nordstrom Rack in Cole Real Estate Investments' portfolio; the first was acquired in April as well.

“They are a high-credit quality tenant, which is our primary focus,” says John Bacon, vice president of marketing for Cole Real Estate Investment. “Florida is one of our most active states; most of our properties are in Florida, Illinois and Texas. We buy single-tenant and multi-tenant retail and some single-tenant industrial and office space.”

The Phoenix-based commercial real estate investment firm and its trusts own 1,625 properties in 47 states.

The purchase entity Cole NR Tampa FL LLC mortgaged the property to JPMorgan Chase Bank NA for $12 million.