TAMPA, FLA., June 30, 2015 – 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 SkyPoint Retail, a 9,907-square foot retail property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.
Armando Rodriguez, associate, and James Medefind, senior associate, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Casey Babb, CCIM and vice president investments, in Marcus & Millichap’s Tampa office.
SkyPoint Retail is comprised of five ground floor retail units in the most exclusive residential high-rise in downtown Tampa, Skypoint, located at 777 North Ashley Drive. Skypoint is a 33-story residential tower built in 2007 which houses 380 residential condos; often selling for the highest price per foot in the region. Within the next five years, two additional residential towers will be constructed within two blocks of Skypoint, effectively doubling the residential population base with in this dense cityscape to keep up with existing demand. In addition to the residential population in downtown Tampa, it is also home to the largest business and financial district in Tampa Bay with a major presence of Fortune 500 companies, including Bank of America, PNC, Wells Fargo and Verizon. Within walking distance is the Tampa Convention Center, Amelia Arena, Tampa Port and Channelside.
“It’s the highest price per foot we’ve seen in downtown Tampa for retail space,” says Medefind. “We were successful in bringing a large diverse population of buyers, both local and from out of the area,” he said, “and all were very, very aggressive buyers when it came to price and wanting to invest in downtown Tampa.”
“The city of Tampa has done an excellent job over the past five years reinvesting in its downtown waterfront park system, new riverwalk, museums, etc.,” adds Casey Babb, CCIM, “and the buyer recognized the opportunity to buy-in at the forefront of what looks like it will be a huge explosion of new development in the coming years. To be able to obtain a trophy real estate asset in an emerging market like downtown Tampa was a no brainer.”
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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