TAMPA, Fla., September 11, 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 Take 5 Oil Change, a 2,706-square foot net-leased property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,695,000. Jim Shiebler, James Garner 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.
The buyer, a private investor from South America, was also sourced by Jim Shiebler, James Garner and James Medefind. This Peruvian buyer has closed multiple transactions with the Marcus & Millichap Tampa office demonstrating the International reach of the Marcus & Millichap platform. “Through our proven process, we were able to promote the numerous positive drivers of the asset and generate multiple offers for the property in a very condensed time period. This ultimately created a high level of competition for the asset which ensured the highest price for the property,” says Mr. Shiebler.
Built in 1990, Take 5 Oil Change has 10.5 years remaining on the base term of the lease with two five-year options. This absolute triple-net-lease is backed by a corporate guarantee from Take 5 Properties SPV, LLC, which operates over 218+ locations in several states across the country.
This thriving suburb is attractive to Greater Tampa Bay residents looking to be near local attractions and employment centers, positioned just 10 minutes from the Tampa International Airport. In fact, the property is located just 15 minutes from the Tampa Westshore business district, which is one of the largest business districts in Florida. Overall, the Tampa MSA is project to see a tremendous growth over the next few years, which is why investors nationally and internationally are taking the opportunity to capitalize on this growth by purchasing irreplaceable real restate such as this long-term net leased investment. Take 5 Oil Change is located at 8201 W Hillsborough Ave in Tampa, 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