RIVERVIEW, FLA., March 7, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Texaco Xpress Lube, a 1,400-square foot net-leased property located in Riverview, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $729,000.
James Medefind, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Brandon, Fla.
Texaco Xpress Lube was built in 2006 and is located at 13376 Lincoln Road in Riverview, Fla. This 1,400-square foot Texaco Xpress sits off Big Bend Road (County Road 627) and is an outparcel to an Ace Hardware anchored center. The property is adjacent to the brand new St. Anthony’s Regional Hospital and located in close proximity to rapidly growing residential developments in eastern Hillsborough County.
“We were able to drive significant activity to this asset due to the lack of quality, long-term net-leased real estate investments, says Medefind. “Investors were eager to enter a market undergoing such rapid growth and this aggressiveness showed up in the final sales price,” adds Medefind. “I am excited to say we hit the ball out of the park with this sale.”
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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.