BELLEAIR BLUFFS, Fla., August 24, 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 Belleair Bazaar, a 38,351-square foot retail property located in Belleair Bluffs, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,750,000.
James Medefind, James Garner and Jim Shiebler, 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 also secured and represented by James Garner,James Medefind and Jim Shiebler.
“This property demanded a high level of competition from the buyer pool due to the coveted real estate and location. Between our individual marketing efforts, the Marcus & Millichap national platform and the brokerage community outside of our firm, we were able to secure five offers within a week of marketing the property. The deal ultimately sold for 97% of list price and the buyer intends to make significant renovations in the future to turn this iconic shopping center into a trophy asset,” stated Mr. Garner.
Belleair Bazaar is 97 percent occupied with less than 20 percent of the gross leasable area expiring this year. Bonefish Grill, Laboratory Corporation of American, Coldstone Creamery and Interiors by Sharma have all been in occupancy at the center for more than 10 years. Constructed in 1969, the center has undergone recent capital improvements including the installation of a new roof, two new air conditioning systems and resealing and restriping of the parking lot.
Belleair Bluffs is an oceanside community in Pinellas County, which is the most densely populated county in all of Florida. There is a population of over 190,000 people within a five-mile radius of the property. Belleair Bluffs sits along the Gulf of Mexico and is frequented by tourists and locals alike who are attracted to the convenient access to the area’s beaches. Belleair Bazaar is located at 2901 West Bay Drive in Belleair Bluffs, 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