HOLIDAY, Fla., June 11, 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 Holiday Commerce Center, a 27,000-square foot industrial warehouse property located in Holiday, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,320,000.
Devin Guilliams and Alex D. Zylberglait, investment specialists in Marcus & Millichap’s Tampa and Miami offices, had the exclusive listing to market the property on behalf of the seller, an individual. The agents were able to put the listing under contract in 39 days and closed 57 days thereafter to a cash buyer outside of Pasco County.
“We were really happy to provide a vital service to the Sellers who have been in business in the Central Florida area over the past 20 years. We were able to quickly generate offers allowing us to create a competitive bidding environment. Ultimately the Sellers are now able to move on to new business pursuits,” said Guilliams.
“The building sold at an 8% cap rate on current income which is what we are seeing in a market such as this. We were pleased with this pricing given the little time we marketed the asset and were happy to get our client what they needed to move on to the next chapter of their business career,” said Zylberglait
Holiday Commerce Center is located at 4625 Panorama Avenue in Holiday, Fla., close to the intersection of US 19 and Alternate 19. The warehouse has multiple tenants including Palm Paper Supply (the anchor tenant, a restaurant supply chain management provider), an automotive repair company as well as motor boat repair company. It was 97% occupied at the time of marketing. The metal and steel frame building’s stucco façade make it unique to the area as it sits off a major US Highway surrounded by residential homes. The seller had done impressive work to the common areas installing new vinyl flooring, LED lights, and upgraded AC systems. The buyer will continue to operate the property on a long-term hold and was pleased with the renovations the seller had made as well as the opportunity to work with the tenants in place.
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.