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RaceTrac Petroleum Completes Sale Leaseback of New North Fort Myers Service Station

January 16, 2018
Bayrock Investment Co. acquired the retail service station at 16900 N. Cleveland Ave. in North Fort Myers, FL from RaceTrac Petroleum, Inc. for $4.97 million, or about $1,100 per square foot.

The seller immediately leased back the facility for 15 years with five-year renewal options. The company reportedly plans on utilizing the cash-out play to fund its new development strategy.

The single-story, 4,500-square-foot convenience store building was constructed in 2017 with eight branded fuel pumps under a single canopy.

Both parties handled the direct sale in-house.

Please refer to CoStar COMPS #4092548 for more information on this transaction.
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