PORT CHARLOTTE, Fla, July 30, 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 LTM Party Plaza, a 31,800-square foot retail property located in Port Charlotte, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,600,000.
Jim Shiebler, 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 investment firm, who also owns additional shopping centers in southwest Florida, was attracted to the center for its redevelopment potential.
“We generated five offers for the property with multiple offers at or above list price. The property essentially closed at full list price value and set a record for low cap rate for assets in its class. The transparency that we provide to buyers proved to be a key element in the contract process. This coupled with the high level of competition created seller’s leverage to eliminate the buyer Due Diligence period. Ultimately, we successfully sold the re-development vision and value of the property as the buyer will re-purpose asset for its highest and best use.” stated Mr. Shiebler.
LTM Party Plaza is located in the heart of the main retail corridor in Port Charlotte at a signalized intersection, directly across from the 182,000-square foot Murdock Carrousel Shopping Center. U.S. Highway 41 (Tamiami Trail) has a daily traffic count of more than 56,500 vehicles per day. The plaza is also perfectly situated just miles from two major Charlotte County development projects, contributing to the rapid growth of the area. Built in 1987, the center is currently 92 percent occupied with long-term tenants. Half of the tenants have occupied the center for more than 10 years, and two thirds of the tenants have been in occupancy for more than eight years.
Port Charlotte, Florida is approximately 40 minutes northwest of Fort Myers and an hour and a half south of Tampa. Port Charlotte is part of Charlotte County, which has a current population of approximately 178,000. Port Charlotte is home to the spring training ground of the Tampa Bay Rays and also boasts seven of the twenty-one golf courses located in Charlotte County. Charlotte County is ranked as the eighth fastest growing county in the United States, according to the 2016 census. LTM Party Plaza is located at 1931 Tamiami Trl in Port Charlotte, Fla.
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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