Trust buys Fort Myers Pep Boys building

BUYER: David McDonald, as trustee of The David McDonald Trust Agreement, Miami
SELLER: Cole PB Portfolio II LP
PROPERTY: 4797 S. Cleveland Ave., Fort Myers
PRICE: $3.43 million
PREVIOUS PRICE: $3.05 million, March 2008
LAW FIRM ON DEED: Kutak Rock LLP, Scottsdale, Ariz.

PLANS, DESCRIPTION: The David McDonald Trust purchased a 22,225-square-foot Pep Boys store for $3.43 million.

The price equated to $150 per square foot. That figure is higher than the two-year average price per square foot for retail space ($140) in Southwest Florida, according to the CoStar Group.

Constructed in 1994, the building occupies a 2.69-acre site. Pep Boys has a long-term triple net lease on the property, which obligates the auto-parts company to pay for the building's insurance, real estate taxes and maintenance.

The Miami-based trust acquired the property from the Cole Credit Property Trust II, which has owned it since early 2008.

Marketing materials for the property say the $3.43 million purchase price equated to a payoff ratio based on income (capitalization rate) of 7.5%.

The trust mortgaged the property to 1st National Bank of South Florida for $2.08 million.