LONGBOAT KEY, FLA., December 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 Centre Shops of Longboat Key, a 37,880-square foot retail property located in Longboat Key, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,700,000.
James Medefind, a senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.
Centre Shops of Longboat Key was built in 1986 and is located at 5370 Gulf of Mexico Drive in Longboat Key, Fla. This 37,880-square foot neighborhood center is located directly across the street from the Gulf of Mexico. Longboat Key is an exclusive barrier island just west of Sarasota, and an hour south of Tampa. With its white, sandy beaches, it is a popular destination for retirees and families alike. The Centre Shops of Longboat Key is positioned competitively, as it is one of the only major retail properties on the island.
“This is a classic case of our ability to make a market for an asset and navigate through very difficult deal issues,” says Medefind. “During the marketing period we procured 21 offers from both local and out-of-area investors from all over the country. Our ability to navigate through very difficult and complicated deal issues resulted in a successful closing, while ensuring our client maximized his proceeds in delivering access to the largest buyer pool imaginable,” adds Medefind.
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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