LAKE CITY, Fla., March 14, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Still Waters West, a 21,711-square foot seniors housing property located in Lake City, Fla., according to Grant Fitzgerald, regional manager of the firm’s Tampa office. The asset sold for $2,800,000.
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 not-for-profit corporation. The buyer, a limited liability company, was also secured and represented by Krone Weidler and L.J. Tsunis.
“We were able to successfully navigate the complexities of a not-for-profit operator selling to a for-profit buyer. Our expertise in underwriting and business standards of seniors housing allowed the buyer to purchase the property with financing. This involved the cooperation of both the seller and the buyer as well as other third parties,” said L.J. Tsunis.
Still Waters West, a not-for-profit assisted living facility located in Lake City Florida. The 21,711-square foot facility sits on 1.26 acres of land between Jacksonville and Tallahassee, just north of U.S. Highway 90. The facility is located in a lovely shaded woodland area, but is still just minutes away from restaurants, shopping centers, and medical facilities including Lake City Mediplex, which is directly across the street from the facility. Columbia County has recently been touted as the state’s fastest growing county in terms of new business development. Also, the new Port of Columbia County is expected to bring in 3,000 new jobs to the area.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.