CLEARWATER, FLA., June 2, 2014 – 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 this Midas leased automotive center, which is currently being subleased to Charlie’s Car Care, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $600,000.
James Medefind, an associate in Marcus & Millichap’s Tampa office, Kirk D. Olson and Drew A. Kristol, vice presidents investments in the firm’s Miami office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company. Armando Rodriguez, associate in the firm’s Tampa office procured the buyer of the property, a private investor from California.
Midas-Clearwater was built in approximately 1960 and is located at 1519 Gulf to Bay Boulevard in Clearwater, Fla. The property is located off busy State Road 60 and is one block east of the five-point intersection where Highland Avenue, Gulf to Bay Boulevard and Court Street meet. This favorable location acts as the main route to Tampa and the local beaches, with a traffic count of over 48,000 per day.
“This sale is a classic example of Marcus & Millichap’s ability to access capital from across the country in order to maximize the net profit for its clients,” says Medefind. “In this case, a California investor was looking for more attractive returns than he could receive in his home state.”
“Florida was an attractive alternative as an income tax-free state with a high population growth. After realizing the high quality location on State Road 60 and limited downside, the buyer aggressively pursued this asset. It was truly a ‘win-win’ for everyone involved,” concludes Medefind.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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