TAMPA, Fla., September 26, 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 2902 North Armenia Avenue, a 14,221-square foot office property located in Tampa, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,100,000.
Jaclyn Blair and Devin Guilliams, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was also secured and represented by Jaclyn Blair and Devin Guilliams.
“We were able to generate multiple offers on this deal in short amount of time, creating a competitive environment which benefited Seller. The property was placed under contract in 21 days and closed 60 days thereafter at an 8.00% cap rate which is 100-125 basis points lower than what we are seeing in this market so far this year,” said Jaclyn Blair.
Located at 2902 N Armenia Avenue, the office building is located in the heart of Tampa, Fla. The property was built in 2011 in conjunction with a neighboring property, Mary Lee’s House, a 30,000 square foot office building and Hillsborough County’s first and only Child Advocacy and Protection Center. The tenants in the subject property strategically located there to provide similar and complimentary services to the neighboring property and the local community. The property has a history of long-term high occupancy and the current tenants are the original tenants who have grown and renewed since their original tenancies began.
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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.