BRANDON, FLA., February 2, 2016 – 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 Knights Avenue Land, a 6.08-acre apartment land parcel located in Brandon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,620,000.
Casey Babb, CCIM and vice president investments, and Paul Bouldin, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was secured and represented by Casey Babb and Paul Bouldin.
Knights Avenue Land contains approximately 6.08 acres of vacant land and is approved for 125 apartment units. It is located on Knights Avenue just north West Brandon Boulevard (SR-60) in Brandon, Florida. Approximately two and one-half miles east of the Westfield Brandon Mall, which is located at the southeast corner of the Interstate-75 and West Brandon Boulevard intersection. Knights Avenue Land has easy access to the major Tampa employment centers via Interstate-75 to the west, Interstate-4 to the north and the Lee Roy Selmon Expressway to the south.
“This site was originally planned for townhomes back in 2006, but due to the market correction ended up selling to a tax-credit developer who will break ground soon on 120 affordable housing apartments,” says Babb. “The location is fundamentally sound and this project should be a successful one going forward. After a two year sales process, our client was happy in the end with the sale at 100 percent of the asking price.”
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About Marcus & Millichap (NYSE: MMI)
With over 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