Unicorp National Developments buys Port Charlotte Family Dollar

BUYER: FD6 Port Charlotte 4 Guys LLC (principals: CW Family LLLP, Dwight Saathoff, Les Goldberg and Robert Zlatkiss), Orlando

SELLER: Crown Plaza FD LLC

PROPERTY: 12501 S. McCall Road, Port Charlotte

PRICE: $1.52 million

PREVIOUS PRICE: $275,000, December 2011

LAW FIRM ON DEED: Akerman Senterfitt, Orlando

PLANS, DESCRIPTION: An affiliate of Orlando-based Unicorp National Developments Inc. purchased an 8,000-square-foot Family Dollar store building for $1.52 million.

The price equated to $190 per square foot. In late 2011, Jebco Ventures, a Family Dollar developer, purchased the 1.09-acre site. It developed the building earlier this year.

Clint Conway of Sperry Van Ness Commercial Advisory Group's Sarasota office represented the seller and Kase Abusharkh of Sperry Van Ness Commercial Advisory Group's Danville, Calif., office represented the buyer.

The building was purchased as a passive investment and was covered under a 10-year double net lease. The agreement calls for the tenant to pay the property insurance and taxes, but obligates the owner to cover any repairs to the building roof or structure.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 8.5%.

Calls to the buyer were not returned prior to deadline.

Unicorp National Developments describes itself as one of the fastest-growing retail, mixed-use and drug store developers in the country. According to its website, the company owns four other Family Dollar stores.

The purchase entity FD6 Port Charlotte 4 Guys LLC mortgaged the property to BankUnited NA for $1.16 million.