VALRICO, Fla., September 9, 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 Verizon Wireless, a 2,400-square foot net-leased property located in Valrico, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,936,000.
Armando Rodriguez, associate and James Medefind, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Verizon Wireless is located at 3330 Lithia Pinecrest Road in Valrico, Florida. The property is well located at the corner of a four-way intersection with a traffic count over 50,000 per day. The property is situated among 300,000 square feet of retail space, giving the property great synergy with the other retailers.
“This particular asset drove several offers, but at the end of the day we were able to find a local private investor who was willing to pay the most aggressive price of over $806 per square foot, which is a record for a single-tenant net-leased Verizon building,” says Rodriguez. “This was also a win for the buyer who was looking for inflation protection and limited management responsibility.” “In addition, with annual rental escalations, the return over time made this asset the best on-market out there,” adds Rodriguez.
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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