TAMPA, FL, March 28, 2017 – 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 Palencia Palms, a 3.44-acre residential land site located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.
Casey Babb, CCIM and first vice president investments and Paul Bouldin, senior associate both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This property was planned for townhomes in the mid-2000’s and ended up selling to a local apartment developer today who will develop a boutique sized, 68-unit apartment community on the site. At this point in the cycle, developers are facing a scarcity of infill sites and rising construction costs so we may begin to see more and more smaller projects like this one as opposed to the traditional 200-unit minimum apartment development,” said Babb.
Palencia Palms is located at 6211 Memorial Highway in Tampa, Florida. The property is zoned RMC-20 and has a considerable predevelopment package available for either a 50-unit townhome community or a 40,153-square foot assisted living facility. Palencia Palms is located at the signalized intersection of Memorial Highway and Webb Road and has easy access to Tampa’s largest employment centers via Memorial Highway.
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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