ALTAMONTE SPRINGS, Fla. – April 19, 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 Orlando Health Imaging Center , a 6,400-square-foot net-leased property located in Altamonte Springs, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,790,000.
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, James Garner, Jason Hague, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office.
“This deal was a perfect example of collaboration within the Marcus & Millichap platform and the commitment we have to our clients as specialists within our product type.
Jason Hague, Nicholas Meoli and Michael Donaldson executed the sale of a multi-unit apartment complex for a client who wanted to exchange into a more passive retail asset. We worked together to get the client’s deal across the finish line, while also coordinating efforts to secure the client an exchange property in the retail sector that met the client’s investment criteria. The A+ location across from the Altamonte Mall in Altamonte Springs, Florida attracted the 1031 exchange buyer to this asset. The specialized expertise of the Meoli-Donaldson team in Tampa helped their seller seamlessly navigate the inevitable hurdles encompassing this type of transaction. Simultaneously, we coordinated the 1031 exchange allowing the buyer to transition into this retail asset with very little lag-time in cash flow, while also securing a top of the market price for the seller”, says Mr. Garner.
Orlando Health Imaging Center is in the Orlando MSA area and represented an opportunity to invest in a prime Altamonte Springs location. Orlando Health Imaging Center is a private $3.8 billion non-profit healthcare network with over 3,300 beds based in Orlando, Florida. Employing over 3,000 physicians and 23,000 employees, making it among the largest employer in the area. Orlando Health Imaging Center is located at 398 East Altamonte Drive in Altamonte Springs, 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