28,600-Square Foot Miles Media Building Sells for $5 Million in Sarasota-Bradenton MSA
LAKEWOOD RANCH, FL, January 12, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Miles Media Building, a 28,600-sqaure foot office property located in Lakewood Ranch, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,000,000, or $175 per square foot.
Robbie McEwan, CCIM and senior associate, and Nicholas Hanson, associate, both in the firm’s Orlando office, and Armando Rodriguez, associate, and James Medefind, vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Through our collaborative national system, our Tampa Retail Team was able to work with the Orlando Office Team to have the best team on the ground with strong local market knowledge,” says Rodriguez. “This allowed us to best represent the seller and get the deal accomplished.”
Miles Media Building, located at 6751 Professional Parkway West in Lakewood Ranch, Florida, is a 28,600-square foot office building built in 2002. The stabilized asset was 100 percent occupied at the time of sale. Lakewood Ranch, a well-known master planned community, is an affluent high income district of the Sarasota-Bradenton MSA. The average household income is $89,032 within a five-mile radius of the building.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com