Cape Coral Dollar General sold as investment to two trusts

BUYER: Jack Baskin, trustee of the Jack Baskin Trust (50% interest) and Eugene Millburn and Janice Keith, trustee of the 2006 Millburn-Keith Family Revocable Living Trust, Aptos, Calif.

SELLER: Gleason I LLC

PROPERTY: 3123 Chiquita Blvd. S., Cape Coral

PRICE: $2 million

PREVIOUS PRICE: $655,800, May 2003

LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Two family trusts associated with SAR Asset Management in California purchased an 11,600-square-foot Dollar General store for $2 million.

The price equated to $172 per square foot.

The store was built earlier this year. The parent company, Dollar General Corp., signed a 15-year double net lease on the property that obligates it to maintain a portion of the building and pay for all associated taxes and insurance. The landlord is still responsible for the roof and structure of the building.

David Wells, senior investment advisor and head of the Wells Net Lease Division of Sperry Van Ness' Miami office, handled the transaction.

“This year we have seen a 30% rise in both private and institutional capital coming back into the market and they're placing their bets in Florida,” Wells says in a press release. “I sell net lease retail properties across the country. I would say 90% of the transactions in Florida this year were from investors from outside of the state or U.S. In other states it's much more oriented toward local or regional investors.”

The two trusts, the Jack Baskin Trust and 2006 Millburn-Keith Family Revocable Living Trust, mortgaged the property to Stanford Federal Credit Union for $1.4 million.