BELLEAIR, FL, December 5, 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 Powell Professional Center, a four-story, 46,830-square foot office building located in Belleair, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,815,000.
“We continue to see strong buyer demand for strategically located medical office buildings on or adjacent to major hospital campuses,” says L.J. Tsunis, associate in Marcus & Millichap’s Tampa office. “This asset, strategically positioned next to the second largest hospital in the Tampa Bay MSA, offers a stable investment with strong upside in increased occupancy and rent growth.”
Tsunis, along with Krone Weidler, vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. They procured and represented the buyer, a private investor.
Powell Professional Center, four-story, 46,830-square foot medical office building, is located at 401 Corbett Street in Belleair, Florida. Constructed in 1985, the building sits on a combined 2.22 acres strategically located adjacent to the 687-bed Morton Plant Hospital. In 2011, Powell Professional Center was renovated with over one million dollars in improvements, including a new lobby space and common area improvements. The property offers both covered and lot parking with an additional 0.34 acre parcel with surface parking.
“Morton Plant Hospital is currently undergoing a $200 million renovation and expansion project which enhances this asset’s future value,” concludes Tsunis.
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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