NAPLES, Fla., May 3, 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 12980 Tamiami Trail North, a 17,887-square foot retail property located in Naples, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $4,050,000.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Jim Shiebler, James Garner and James Medefind.
“This asset and submarket are highly coveted and the buyer, who owns several additional retail assets in the area, understood and appreciated this. We also sold the buyer on the below market rents, the stability of the long-term tenants and the fact that the property is situated at a major signalized intersection. Additionally, we emphasized this asset’s core real estate value as it will also continue to appreciate as the area is dense and has an average HH income of over $106K per year and an average home value of north of $500K,” says Mr. Shiebler.
The Property is located on busy Tamiami Trail North which has traffic counts of 56,500 Vehicles Per Day. 12980 Tamiami Trail North has great ingress and egress points and is fully stabilized with long term tenants.
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.