CHAMPIONS GATE, FL, November 21, 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 Champions Gate Office Building, a 44,836-square foot Class “A” office property located in the resort community of Champions Gate, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,275,000.
Dan Mulkey, vice president investments in Marcus & Millichap’s Tampa office, represented the buying entity in this transaction. The buyer, a local Tampa family, bought the asset to partially accommodate an exchange for a recent portfolio sale of family property.
Champions Gate Office Building is located at 8390 Champions Gate Boulevard in Champions Gate, which is immediately west of Walt Disney World and across Interstate 4 from The Reunion Resort and the Celebration residential community. “This highly desirable resort area provides for numerous residential options fueling additional demand for office and retail space to accommodate local residents,” says Mulkey.
The building was 100 percent leased at the time of closing by a variety of quality tenants including medical use, general business and government offices. “The building has experienced good occupancy in the past and due to the quality of the asset and the desirability of the location there is no reason to believe this will not continue,” concludes 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