SAINT PETERSBURG, Fla., January 8, 2019 – 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 American Family Care Urgent Care St. Petersburg, a 3,514-square foot office property located in Saint Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $790,000.
Anthony Cimino, Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an individual/personal trust, was secured and represented byJack O’Leary and Nick Ledvora, CCIM, investment specialists in Marcus & Millichap’s Orlando and Tampa offices.
“We worked with the seller through an environmental condition associated with the property and aggregated multiple offers. Our ability to articulate to prospective buyers up front the risk associated with the condition allowed us to achieve an aggressive cap rate and price per square foot,” says Mr. Cimino.
The building consists of 3,514 square feet of rentable area constructed of concrete frame and sits on 0.25 acres. The property is within The City of Saint Petersburg and zoned Corridor Commercial Traditional-1 (CCT-1).
American Family Urgent Care St. Petersburg is located in the heart of the highly desirable Historic Old Northeast Neighborhood of Saint Petersburg, Florida. Fourth Street North comprises U.S. Highway 92, a 181-mile intrastate U.S. Route spanning from downtown Saint Petersburg, Florida at US 19 Alt to its eastern terminus in Daytona Beach at SR A1A. It provides convenient access, approximately 1.2-miles south, to downtown Saint Petersburg which has seen a surge in commercial real estate development. The property is also located within 2.2-miles of 1,132 hospital beds and three hospitals: Saint Anthony’s Hospital – Saint Petersburg – BayCare (1.3-miles/393 acute care beds), Bayfront Health St. Petersburg (2.2-miles/480 acute care beds), and John Hopkins All Children’s Hospital (2.2-miles/259 acute care beds). These three hospitals are currently undergoing construction in order to expand their operations due to increased demand totaling an estimated $143.1 million. American Family Care Urgent Care St. Petersburg is located at 1530 4th Street North in Saint Petersburg, Fla.
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