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You are here: Home / Commercial Real Estate & Developers / Marcus & Millichap Arranges the Sale of a 35,520-Square-Foot Retail Property

Marcus & Millichap Arranges the Sale of a 35,520-Square-Foot Retail Property

August 22, 2018 by Post

CLEARWATER, Fla., August 22, 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 Serendipity Plaza, a 35,520-square-foot retail property located in Clearwater, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,450,000.

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 limited liability company.  The buyer, a private investor, was also secured and represented by James Garner and James Medefind.

Built in 1982, Serendipity Plaza is currently 87.5 percent occupied by a long-term tenant base, with almost half of the tenants occupying the plaza for more than 15 years. The plaza is ideally positioned with over 900 feet of frontage on U.S. 19 North, one of the busiest roadways in Pinellas County and the main north-south thoroughfare that travels along the west coast of Florida. Serendipity Plaza benefits from easy access with a designated turn lane for both north and south bound traffic.

Clearwater is part of the Tampa Bay Metropolitan Statistical Area which includes more than three million residents. Located in Pinellas County, Clearwater is in Florida’s most densely populated County. Known for its world-class beaches, Clearwater is an attractive place to live for families and retirees. Serendipity Plaza is located at 28801 U.S. Highway 19 North in Clearwater, 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

 

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