GLEN SAINT MARY, Fla., July 28, 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 3,391 acres of land, located in Glen Saint Mary, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,550,000.
Paul Bouldin, a senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
The property is located in Glen Saint Mary, Florida, approximately one mile north of Interstate 10 on County Road 125 in Baker County. Glen Saint Mary is one mile west of Macclenny, the county seat and is considered to be in the Jacksonville MSA, approximately twenty-miles west of the Jacksonville city limits. It was previously part of a proposed Development of Regional Impact (DRI) that was planned for mixed-uses including a 55+ age restricted single-family residential community.
“This project never became a reality and remained a timber tract until most of the trees were harvested in 2013,” says Bouldin. “The property was entangled in Bankruptcy Court and disputes between partners, but this sale allowed the prior owners to resolve their issues and repay their obligations,” adds Bouldin. “The buyer purchased the property as a long-term investment and plans to continue its agricultural use until development again becomes feasible.”
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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