Carrabba’s in Venice Sells for $2.57 Million
VENICE, FL, March 23, 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 a 6,115-square foot Carrabba’s located in Venice, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,572,000.
Jim Shiebler, 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.
“The property, built in 2015 and located in the heart of Venice’s dense retail corridor, has excellent visibility and frontage on busy Route 41. The attractive building and quality brand generated immediate interest in the property. These factors coupled with our effective marketing process enabled us to generate multiple offers at or above list price within the first week of listing. The selected all cash exchange buyer went under contract within 14 days of listing at above list price and we closed within 30 days,” says Jim Shiebler.
The 6,115-square foot, freestanding Carrabba’s is located at 1751 Tamiami Trail South in Venice, Florida. Built in 2015, the property sits on approximately 1.31 acres on the busy U.S. Highway 41 and is an outparcel to a Lowe’s Home Improvement store. The property is located in an area with extremely high occupancy levels and the fact that it is a virtually new restaurant were key selling points for the property.
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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