NAPLES, FL, August 9, 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 4,909-square foot net-leased property located in Naples, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,060,000.
James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa and Fort Myers offices, had the exclusive listing to market the property on behalf of the seller, a private investor.
“We accessed and leveraged Marcus and Millichap’s platform to attract the largest pool of national and international buyers and paired it with our knowledge of the local Southwest Florida market,” stated Shiebler.
“The buyer, a private investor from the Netherlands, was attracted to this Naples asset due to the affluence of the area, the strength of the franchisee and the strong store sales of the location. This international buyer is another testament of Marcus & Millichap’s reach to attract investors from the widest pool of buyers,” says Shiebler. “He recognized this restaurant property is uniquely positioned in a very wealthy area in the one of the densest retail corridors in all of Southwest Florida possessing immense future appreciation of the residual value of the land. We went under contract and closed within 45 days,” added Shiebler.
Applebee’s is located at 5082 Airport Pulling Road North in Naples, Florida. The property, built in 1997, went through an extensive $350K renovation in 2015, is operated by Doherty Enterprises and had over 10 years remaining on the absolute net lease.
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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