TAMPA, FL, August 12, 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 Palm River Apartment Land, an approximately 6.94 acres of land located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $425,000.
Paul Bouldin, senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. The buyer, a developer, was secured and represented by Paul Bouldin
Palm River Apartment Land is approximately 6.94 acres located at the southeast corner of South 50th Street and Washington Street East in Tampa, Florida. The property is conveniently located just south of the Semon Expressway ramps on 50th Street and is approximately one miles south of the Interstate 4 and 50th Street intersection, providing easy access to Tampa’s employment centers. It is also just six minutes east of downtown Tamp. Palm River Apartment Land has approximately 830 linear feet of frontage along the Palm River to accommodate boat slips. The property has a Commercial Intensive zoning allowing for a proposed 242 multifamily units.
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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