BRANDON, Fla., September 11, 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 a 1,880-square foot net-leased Dairy Queen located in Brandon, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $445,000.
Michael A. Mele, senior vice president and William Wamble, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a local private investor. Armando Rodriguez, also in the firm’s Tampa office, procured the local buyer.
Dairy Queen was built in 1959 and is located at 602 West Brandon Boulevard in Brandon, Fla. The property is situated on the city’s main thoroughfare of Brandon Boulevard in a highly visible and high-traffic area. This location has been in business since 1993 and has established well-known name recognition in the area.
“There is a growing demand for these types of single-tenant properties in the Tampa Bay MSA at the moment,” says Wamble. “A lot of out-of-area investors are intrigued by this market due to the compression of cap rates in South Florida and other primary markets around the country.”
“We were able to drive three offers in the first week and two of these were from out-of-area buyers looking to deploy capital in a growing area with higher yields,” adds Wamble.
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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