NEW PORT RICHEY, Fla., March 23, 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 Starbucks, a 1,800-square-foot net-leased property located in New Port Richey, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.
James Medefind and James Garner, 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 buyer, a private investor, was secured and represented by James Medefind and James Garner.
“Starbucks had a long operating history at this location and is located on a high-volume corridor through Pinellas County. Through our marketing efforts, we were able to secure multiple offers. We ultimately closed this Starbucks at $1,389 per square foot, which is in the top 10 highest price per foot sales out of almost 200 single tenant Starbucks properties that have sold over the past 10 years,” says Mr. Garner.
Located on a large half-acre parcel of land, the property lies across from a CVS Pharmacy and adjacent from a Publix anchored shopping center. This Starbucks has a corporate backed guarantee and just recently invested in upgrading the equipment, which shows their commitment to the property. Starbucks Corporate is a strong tenant with over 13,107 locations around the world and has shown its history of rapid growth. Starbucks is located at 5435 U.S. Highway 19 in New Port Richey, Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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