Tricon Development owners buy Cortez Road CVS building

BUYER: Bradenton Pharmacy LLC (principals: Maurice and Robert Kodsi), Merritt Island
SELLER: Liu Associates Properties LLC
PROPERTY: 4302 W. Cortez Road, Bradenton
PRICE: $5.8 million
PREVIOUS PRICE: $5.25 million, February 2004
LAW FIRM ON DEED: Stephen A. Ferra Esq., Clearwater

PLANS, DESCRIPTION: A purchase entity led by Maurice and Robert Kodsi of Merritt Island purchased a 12,190-square-foot drugstore for $5.8 million.

The price equated to $475 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Built in 2003 on a 1.72-acre parcel, the freestanding building is used as a CVS pharmacy. CVS Caremark has 12 years remaining on 22-year triple-net lease, which obligates it to pay all property taxes, insurance, maintenance and repairs. It is located at a signalized corner of Cortez Road and 43rd Street and 35,000 vehicles pass by it each day.

The purchase price equated to a payoff ratio based on current annual income (capitalization rate) of 6.3%.

Maurice and Robert Kodsi own residential condominium development company Tricon Development of Brevard Inc.

The purchase entity, Bradenton Pharmacy LLC, mortgaged the property to CMFG Life Insurance Co. for $3.38 million.