LAKEWOOD RANCH, Fla., July 12, 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 Chase Bank, a 5,102-square-foot net-leased property located in Lakewood Ranch, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $6,050,000.
James Medefind and James Weldon, 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 Alvin N. Mansour, an investment specialist in Marcus & Millichap’s San Diego office.
“Through Marcus & Millichap’s national platform, we were able to drive multiple offers in a short period of time with the buyer being represented by a Marcus & Millichap agent out of California. With this Chase being such a desirable location, we were ultimately able to get the property sold at 98.5% of list price, which translates to $1,185 per square foot. Ultimately, the deal went from contract to close in 22 days” stated Weldon.
Lakewood Ranch is in southeastern Manatee County approximately 50 miles south of Tampa and 15 miles inland from the Gulf of Mexico at the intersection of SR 70 and Interstate 75. This unique location gives the residents easy access to surrounding attractions while maintaining a secure family-friendly environment. The community provides luxurious homes for upper middle-class families and a well-suited living environment for all ages. Within a one-mile radius of the subject property the average household income is approximately $98,000 and the average home value is $542,000. Lakewood Ranch has rapidly expanded into a thriving development conveniently located in the middle of the Bradenton-Sarasota area.
Features of the Lakewood Ranch community include access to top ranked beaches in the nation such as Anna Maria Island and Siesta Key Beach, as well as a plethora of pristine golf courses. Lakewood Ranch has a well-rounded population ranging from young families to senior citizens, Chase Bank is located at 6145 Exchange Way in Lakewood Ranch, FL.
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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