LAKE CITY, Fla., August 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 WillowBrook Assisted Living, a 37,358-square foot seniors housing property located in Lake City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.
Krone Weidler, associate vice president investments and L.J. Tsunis, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
WillowBrook Assisted Living is located at 1580 South Marion Avenue in Lake City, Florida. The 37,358-square foot building is situated on approximately 5.2 acres of landscaped land that includes a gazebo and a pond. Built in 2000, with an addition added in 2004 and 2007, WillowBrook is one of the newer assisted living facilities in north central Florida.
“We received multiple offers from our buyer base around the country and in the end, an LLC out of Ohio purchased the asset,” says Ms. Weidler. “This is a great example of the interest buyers have in a high quality seniors housing product.”
“Class A products in Class A locations with a private pay resident base are in high demand,” adds Ms. Weidler. “Initially, Willowbrook was sold in April 2013 for $6,700,000 and less than 15 months later, the same asset sold for $7,400,000.”
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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