SPRING HILL, Fla, March 6, 2018 – 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 Spring Hill Medical Mall, a 29,917-square-foot office property located in Spring Hill, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,475,000.
Jaclyn Blair, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by L.J. Tsunis and Krone Weidler , investment specialists in Marcus & Millichap’s Tampa office.
“Our marketing efforts created a competitive bidding environment ultimately generating eight offers and closed above list price,” says Ms. Blair. “The buyer was extremely attracted to the quality of the asset and it augments their existing commercial real estate portfolio,” says Mr. Tsunis.
Spring Hill Medical Mall is a 30,000-square-foot single-story medical office located in the Tampa Bay MSA and has a solid mix of national and regional tenants with four to six-year lease terms remaining. The property is well located at the main entrance to the 124-bed regional hospital which is directly behind the property, and the property is surrounded by other medical and senior living facilities. There is very little competing second-generation medical space in the immediate market. All occupied suites have recently undergone improvements such as upgraded flooring, paint and other additions.
The Spring Hill market has a dense population with a large retirement presence and is experiencing growth. The immediate area around the property is undergoing roadway improvements with new commercial developments either underway or recently completed. Spring Hill Medical Mall is located at 120 Medical Boulevard in Spring Hill, Florida.
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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