FORT MYERS, FLORIDA, June 27, 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 Applebee’s, a 4,942-square foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,852,000.
James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The trophy location, 1.33 acre parcel, massive traffic count of over 79,000 cars per day and the fact that the restaurant is operated by a regional powerhouse franchisee were the rare attributes that this Applebee’s location possessed. “We accessed and leveraged Marcus and Millichap’s platform of the nation’s largest buyer pool and paired it with our knowledge of the local Southwest Florida market. The buyer, a private investor from Connecticut, was also secured and represented by our investment team member, James Weldon. He was attracted to the investment because he recognized that this restaurant property is uniquely positioned in a very affluent area in one of the densest retail corridors in all of Southwest Florida,” says Jim Shiebler.
Applebee’s is located at 8043 Dani Drive in Fort Myers, Florida. The property was built to suit for Applebee’s in 2005, recently went through a $450,000 modernization plan and had over 15 years remaining on its lease. The area is also one of the fastest growing areas in the country and was voted Top 10 Hottest Real Estate Markets to Watch in 2017 by Forbes Magazine.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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