FORT MYERS, Fla., October 4, 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 Pizza Hut, a 2,610-square foot net-leased property located in Fort Myers, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $900,000.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive 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.
“We generated a high level of activity for the property including 7 offers from local and out of area investors. Our proven process created a high level of competition and ultimately selected a Miami buyer who recognized the prime location and the upside in future rent appreciation. This buyer’s terms provided an all cash offer and a compressed timeline of contract to close in 30 days,” stated Mr. Shiebler.
Pizza Hut is located at 11498 S Cleveland Avenue in Fort Myers, Fla. The property is located across the street from America’s Best Value Inn on a hard corner on U.S. Highway 41, and benefits from exposure to heavy traffic counts of over 51,000 vehicles per day. Perfectly situated between the two Cape Coral bridges, Daniels Parkway and Colonial Boulevard, Pizza Hut is located in the center of a dense retail corridor. The property is surrounded by a multitude of national retailers including Starbucks, Dunkin’ Donuts, Zaxby’s, Buffalo Wings & Rings, Vitamin Shoppe, Aspen Dental, Honeybaked Ham, Tervis, Krispy Kreme, Jimmy Johns and FedEx Office. The asset is also centrally located to numerous new large multi-family complexes that have recently been completed or are currently under development. The population density and average household income within a three-mile radius of the subject property are both over 59,000 and $65,000, respectively, which are ideal trade area demographics for Pizza Hut.
Fort Myers is located in Lee County, which leads the nation in migration and population growth. The Cape Coral-Fort Myers area is among the highest metro areas in the nation for percentage growth over the last several years, growing to 754,610 residents. The area’s rapid economic expansion has also put Fort Myers in the nation’s number one spot for job growth and median house price growth. Fort Myers also holds the nation’s highest decrease in poverty rate, declining 2.92 percent over the last seven years.
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.