SEBRING, FLA., January 3, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a former Sebring Assisted Living Facility, a 12,090-square foot seniors housing property located in Sebring, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $415,000.
Krone Weidler, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. Ms. Weidler also procured the buyer of the property, a limited liability company from Winter Haven, Fla.
This former Sebring Assisted Living Facility is located at 2301 US 27 South in Sebring, Florida. This bank-owned asset is a former 32-unit/45-bed assisted living community that was built in 1960 and 1981. The property consists of two buildings totaling 12,090 square feet; a one-story assisted living facility and a two-story office building. The property ran as an assisted living community with a limited mental health (LMH) license.
“The seller, a financial institution outside of Florida, is a well-established client of our firm. When asked to do a proposal on this asset, it was important to ensure the asset could re-open as an assisted living community,” says Ms. Weidler. “After getting a comfort level that the asset could re-open as assisted living, finding the right buyer became much easier. There were multiple offers on the asset, which shows the continued strength of seniors housing in Florida.”
“The buyer plans an extensive renovation to provide a fully secured memory care community, a demand that continues to grow around the country and particularly in Florida with our aging population,” concludes Ms. Weidler.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.