Wisconsin real estate investors buy Bayshore Road CVS building

BUYER: Willow Pond Family Limited Partnership (principals: Jeanne Linnemanstons and Joel Hembel), Thiensville, Wis.
SELLER: Armer & Armer Investments
PROPERTY: 6391 Bayshore Road, North Fort Myers
PRICE: $5.95 million
PREVIOUS PRICE: $5.3 million, October 2008
LAW FIRM ON DEED: Steven J. Bracci PA, Naples

PLANS, DESCRIPTION: Willow Pond Family Limited Partnership, a purchased entity led by Jeanne Linnemanstons and Joel Hembel of Wisconsin, purchased a 15,059-square-foot drugstore for $5.95 million.

The price equated to $395 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.

The 5-year-old building with a drive-thru occupies a 1.77-acre parcel. The store is leased by CVS Caremark as a 24-hour CVS pharmacy. Twenty years remain on the triple-net lease, which obligates the tenant to maintain and repair the building and pay all property tax and insurance.

The purchase price equated to a payoff ratio based on income (capitalization rate) of about 6%.

Gregory Garver in the San Francisco office of Brokers USA Commercial Real Estate represented the seller and Brian Maude in the Chicago office of Marcus & Millichap represented the buyer.

Garver says the demand for single-tenant freestanding retail leased by the major national drugstores has strongly increased over the past year.

Willow Pond Family Limited Partnership mortgaged the property to Symetra Life Insurance Co. for $2 million.