Miami real estate investors buy Cape Coral Dollar General

BUYER: 6950 Incorporated (principals: Barry and Sonia Hanna and Gina Bertematti), Miami
SELLER: Mark and Matthew Morentin, as personal representatives of the Estate of James M. Morentin deceased
PROPERTY: 1523 Tropicana Parkway, Cape Coral
PRICE: $2.18 million
PREVIOUS PRICE: $1.8 million, March 2011
TITLE FIRM ON DEED: Title Professionals of Florida, Fort Myers

PLANS, DESCRIPTION:
Barry and Sonia Hanna and Gina Bertematti of Miami purchased an 8,651-square-foot freestanding retail building for $2.18 million.

The price equated to $251 per square foot. That figure is higher than the two-year average price per square foot for retail space ($144) in Southwest Florida, according to the CoStar Group.

The 3-year-old building is leased to Dollar General Corp. There are 12 years remaining on the triple-net lease, which obligates the tenants to pay for all insurance, building improvements, repairs, maintenance and taxes. The lease also includes two five-year extension options.

Chuck Smith and Carlos Acosta of LandQwest Commercial represented the seller.