Landes Fairmount's Alexander Fund I buys CVS Pharmacy

BUYER: Alexander Fund I LLC (manager: Brett Landes), Dallas
SELLER: 4301 Bee Ridge Associates Ltd.
PROPERTY: 4301 Bee Ridge Road, Sarasota
PRICE: $5.9 million

PREVIOUS PRICE: $4.39 million, November 2001
TITLE FIRM ON DEED: Chicago Title Insurance Co., Tampa

PLANS, DESCRIPTION:
The Landes Fairmount investment fund Alexander Fund I purchased a 13,050-square-foot drug store for $5.9 million.

The price equated to $452 per square foot. That figure is higher than the two-year average price per square foot for retail space ($129) in the Tampa Bay area, according to the CoStar Group.

Constructed in 2000, the building is leased to Holiday CVS LLC and operated as a CVS Pharmacy.

Justin Grissen, managing director of Landes Fairmount, says his company targets triple-net lease locations across United States, such as pharmacies. It is particularly attracted to real estate in the shorter term of its lease life cycle, he says, because it offers a better return on investment.

The purchase entity, Alexander Fund I LLC, mortgaged the property to Grand Bank for $4.43 million.

Landes Fairmount is a Dallas-based family-owned real estate firm.