FORT MYERS, FL, December 8, 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 Corsica Rive, a class “A” mixed-use property consisting of 22 apartment units and two retail spaces in downtown Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,900,000.
“With Fort Myers having achieved some of the highest year-over-year rental growth rates in Florida, coupled with the very limited class “A” product in the downtown area, it is of no surprise that Corsica Rive drew substantial interest during our marketing campaign,” says Adam Podbelski, associate in Marcus & Millichap’s Tampa office. “By utilizing our national platform, we were able to generate over 140 registered buyers and ultimately close with a 1031-buyer at contract price.”
Podbelski, along with Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, a private investor.
Located in the rapidly growing downtown area of Fort Myers, Corsica Rive is a class “A” mixed-use property consisting of two, three-story buildings, which house 22 apartment units and two retail spaces. While the buildings were built in 2008, the majority of the interiors were recently completed in 2015 to luxury-grade standards including porcelain tile flooring, granite countertops and hardwood cabinets. Collectively, the community contains two, 1,200 rentable square feet retail spaces; six studio units with approximately 600 rentable square feet; two, two-bedroom/two-bathroom units with approximately 1,200 rentable square feet; and 14 two-bedroom/two-and-a-half-bathroom units ranging in size from 1,150 to 1,250 rentable square feet.
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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