VALRICO, FL, March 31, 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 River Hills Plaza, a 34,500-square foot shopping center located in Valrico, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,962,500.
James Medefind, senior associate, and Armando Rodriguez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor from Canada, and this is the second transaction he has closed with the Tampa office retail agents.
River Hills Plaza is a 34,500-square foot shopping center located at 4325 Lynx Paw Trail in Valrico, Florida, an affluent Tampa suburb located only 25 minutes from downtown Tampa. Built in 2004, the property was 93 percent occupied at the time of sale by an attractive tenant mix, including well-known local restaurants, attorney services, financial services, doctors and child care. The plaza is ideally located on Lithia-Pinecrest Road at a lighted intersection, halfway between Brandon and the exclusive community of FishHawk Ranch. Retail developments and roadway expansion projects, including a brand new Walmart Supercenter just north of River Hills Plaza and plans to expand Lithia-Pinecrest, are indicators of the long-term stability and short-term growth in rental rates for this submarket.
“Over a one-week period, through the marketing platform of the Medefind Retail team, we were able to generate three new offers on the asset, in addition to two previously received offers. By creating a competitive marketplace, the seller was able to receive the strongest offer, with the best terms, that the market could bear,” says Rodriguez. “The buyer performed flawlessly throughout the contract period and consistently met the contract deadlines on-time and early on several occasions. This allowed the sale to close nearly one month earlier than the contract required, with financing, because both the seller and buyer were motivated to close early.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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