LARGO, FL, April 13, 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 Family Dollar & Hotel Liquidators, a 16,875-square foot retail property located in Largo, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,500,000.
Dan Mulkey, Michael Donaldson and Nicholas Meoli, all vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Jamie Medress, senior vice president investments, and Mark Ruble, first vice president investments, both in the firm’s Phoenix office.
Family Dollar & Hotel Liquidators is a two-tenant net-leased property located at 1442 North Missouri Avenue in Largo, Florida. The center is situated with great frontage on U.S. Alternate 19 North, a busy thoroughfare running north/south through Pinellas County. This is a highly desirable retail location benefiting from over 260,000 people living within a five mile radius. The property sits adjacent to a Walmart, and directly across the street from a new WaWa gas station, LA Fitness, TJ Maxx, Ross, Shoe Carnival and Dollar Tree.
“This two-property, net-leased investment is in an excellent location in the Clearwater market. Although older, the Family Dollar has recently renovated their store showing their commitment to this site. Hotel Liquidators is a local tenant with strong historical sales. These two tenants provide the buyer with exceptional returns going forward,” says Mulkey.
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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