VENICE, FL, July 31, 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 Taco Bell, a 2,800-square foot net-leased property located in Venice, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,075,000.
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.
“We generated multiple offers for the property within only two weeks of being on the market. Ultimately, a private investor from Miami was selected who was secured byMarcus & Millichap’s Miami office. We closed within 45 days of going under contract,” stated Shiebler.
The large traffic count of over 45,000 cars per day, the visibility, frontage, signage and access were key factors in the appeal of the property which subsequently acquired the absolute highest price for the asset,” added Shiebler.
Taco Bell is located at 430 U.S. Highway 41 Bypass in Venice, Florida. Taco Bell is currently one of the nation’s hottest quick service restaurant brands and is rated #6 in total U.S. system-wide sales. The franchisee, Coastal QSR, is a regional powerhouse and one of the top 20 Taco Bell franchisees in the nation with over 190 locations.
Venice Township of Sarasota County 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