ENGLEWOOD, Fla., June 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 The Towers , a 22,028-square-foot retail property located in Englewood, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,650,000.
Jim Shiebler and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Through our national platform and marketing process, we generated four offers for the property creating a level of competition to vie for the asset that Marcus & Millichap is known for. Ultimately, the buyer from New York who was in a 1031 exchange from selling an apartment complex was selected. This out of state, cross product type buyer, who was represented by a Chicago broker, is an excellent example of the reach and effectiveness of Marcus & Millichap’s marketing and collaboration process. Marcus & Millichap’s broad marketing campaign combined with Medefind Retail team’s dedication to its clients presents an unparalleled combination to sell commercial retail assets at the absolute highest price,” says Shiebler.
The Towers is currently 91 percent occupied with an attractive mix of long-term service based and destination tenants, presenting an opportunity for an investor to add value by leasing up the two remaining vacant spaces and increasing rents to market rates. It is ideally positioned with excellent visibility on Indiana Avenue, right across the street from its intersection with Foxwood Boulevard, the entrance to a large residential community consisting of over 300 homes. The Towers located at 612 North Indiana Avenue in Englewood, Florida which is a primary retail artery and sees an average of 24,000 vehicles per day, making it one of the busiest roads in Englewood.
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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 over 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