12,600-Square Foot Shoppes of Largo Sells for $3 Million
LARGO, FL, March 1, 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 Shoppes of Largo, a 12,600-square foot shopping center located in Largo, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,000,000.
Thomas Edwards, associate, and James Medefind, first vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“The strength of this location, along with the positive fundamentals in the Largo market, attracted a significant amount of interest from local and out-of-area qualified retail buyers,” says Edwards. “Multi-tenant retail assets in great locations will continue to command strong interest in 2017 as the market continues to flourish.”
Shoppes of Largo, located at 10581 Ulmerton Road in Largo, Florida, is a 12,600-square foot shopping center built in 2004. The property was 80 percent occupied at the time of sale by an attractive tenant mix including FedEx and Fantastic Sams. The center is shadow anchored by both Publix and Home Depot. Shoppes of Largo sits on the northwest corner of the Ulmerton Road and Seminole Boulevard intersection, and has a five-mile population over 250,000 people.
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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