TAMPA, Fla., April 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 Palms Plaza, a 32,512-square-foot retail property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $11,650,000.
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 Cameron S. Barbas, Michael P. Regan and Francesco P. Carriera, investment specialists in Marcus & Millichap’s Tampa office.
“Marcus & Millichap’s unique ability to access buyers from other product types was key to getting this deal across the finish line. Despite being marketed previously, we were able to source a Buyer who is well positioned to take Palms Plaza to the next level,” says Mr. Medefind.
Palms Plaza is located adjacent to a Publix anchored shopping center in the city’s most affluent submarket – South Tampa. With 100 percent occupancy and complimentary mix of long-term tenants. The transactions represented a rare opportunity to purchase a stable, long-term cash flow with the ability to add value through increasing rents.
South Tampa is experiencing rapid development with several retail centers scheduled to break ground over the next 12 to 18 months. Rents for new retail centers are reported to be more than $45 per square foot, triple-net. Palms Plaza is located at 1155 South Dale Mabry Highway in Tampa, 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