TAMPA, FLA., September 2, 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 Linebaugh and Sheldon Redevelopment, a 35,965-square feet of land located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,605,000.
Dana Speer, 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 Dana Speer and James Medefind.
The Linebaugh and Sheldon Redevelopment land is located at the signalized corner of Linebaugh Avenue and Sheldon Road directly across from a planned Costco and CVS pharmacy within the Westchase submarket of Tampa, Florida. The property is exposed to more than 52,000 vehicles per day, which is expected to increase by another 25 percent upon completion of the Costco development. Also benefiting this land parcel is a new townhome development which is under construction immediately to the north.
“Due to our aggressive marketing platform we were able to drive in multiple offers for this listing, which resulted in it closing in a short period of time and above list price,” says Speer.
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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