LAKELAND, FL, February 10, 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 Parkway Professional Center, a 40,000-square foot medical and professional office building located in Lakeland, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,750,000.
L.J. Tsunis, associate, and Krone Weidler, vice president investments, 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 REIT, was secured and represented by Kimberly Cameron, an associate in the firm’s Nashville office.
Parkway Professional Center is a 40,000-square foot medical and professional office building located at 4725 U.S. Highway 98 South in Lakeland, Florida. Constructed in 2009, Parkway Professional Center sits on an approximately 2.68 acre parcel with ingress and egress to the property located on the southbound side of U.S. Highway 98. The property is approximately one mile south of the Polk Parkway allowing easy access to Tampa and Orlando.
“We had tremendous interest in this asset from investors all across the country and were able to put the property in contract in under 30 days,” says Tsunis. “Investors, particularly REITs, are looking for Class A quality medical office buildings that are close to a hospital or have hospital affiliated tenants.”
# # #
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