TAMPA, Fla., July 15, 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 Belfair Park Townhomes Phase II, 17 pad-ready townhome lots located in the Hyde Park neighborhood of South Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The vertical-ready lots sold for $1,270,000 or $74,705 per unit.
Casey Babb, a CCIM and associate vice president investments and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, acted in a transaction broker capacity and put the deal together on an off-market basis.
Belfair Park Townhomes Development is located at 2442 West Mississippi Avenue in Tampa, Fla.
“The original Belfair Park developer initiated construction back in 2006 and delivered 10 townhomes before being forced into a holding pattern due to the housing collapse,” says Babb. “The community abuts the Crosstown Expressway in Hyde Park/Palma Ceia and today, represents one of the last large townhome development sites in that submarket, where units are again trading for as much as $500,000. As opposed to finishing the project himself, the original developer elected to sell the lots to a new developer who will finish the project and sell off the remaining units in 2016,” concludes Babb.
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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