ZEPHYRHILLS, FLA., November 14, 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 two-property portfolio located in Zephyrhills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $280,000.
Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
The properties are located at 5150 and 5122 6th Street in Zephyrhills, Florida and consist of two, one-story buildings and one, two-story building. There are five studio units with 350 rentable square feet and six, one-bedroom/one-bathroom units with a range of 450 to 950 rentable square feet. The buildings are located within two blocks of each other and are situated on approximately 0.37 acres and 0.15 acres of land. Amenities include a private gated entry at 5122 6th Street.
“The transaction closed within 66 days of the initial marketing of the portfolio located in the tertiary market of Zephyrhills, says Barbas. We drove multiple written offers, including the eventual purchaser’s offer, within the first two weeks of marketing. The assets were only 72 percent occupied at the time of sale, as three of the 11 units were down.”
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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