FORT MYERS, Fla., October 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 Taco Bell, an 1,814-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$2,260,000.
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 secured and represented by Jim Shiebler, James Garner and James Medefind.
“We achieved a record price of $1,246 per ft. by generating multiple offers through exposing the asset to thousands of U.S. and International investors. This is another example of Medefind Retail team’s second to none commitment to the seller to identify and locate buyers by farming, sourcing and calling investors utilizing proven methodical strategies. The ultimate buyer was attracted to the A+ location, the storied history of the site as one of the first Taco Bell’s built in all of Southwest Florida and the proven and successful franchisee,” stated Mr. Shiebler.
Taco Bell is located at 12851 South Cleveland Avenue in Fort Myers, Fla. Marcus & Millichap is pleased to present Taco Bell Ft. Myers, a truly rare investment opportunity for an investor to purchase a truly iconic brand and highly coveted nationally recognized Quick Service Restaurant property in a burgeoning market. This property has been successfully operating at this location since 1987 and is just the second Taco Bell to be built in Ft. Myers. This A+, high barrier to entry location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.
The property is ideally located on busy Cleveland Avenue (U.S. Highway 41), just two parcels from the intersection of College Parkway, with multiple points of ingress/egress and a combined daily traffic count of more than 94,000 cars. Cleveland Avenue (U.S. Highway 41) and College Parkway are the two most trafficked arteries in all of Southwest Florida. Since College Parkway is one of only two bridges that connect Fort Myers to Cape Coral, the subject property benefits immensely from its close proximity to this high-profile intersection.
The property caters to the local residents and businesses with an average household income of $57,309 within a one-mile radius of the subject property. Other national restaurant chains in the immediate area include Dunkin’ Donuts, Five Guys, Outback Steakhouse, IHOP, T.G.I. Friday’s, Boston Market, Firehouse Subs, Olive Garden, KFC, PDQ, Chipotle, Culvers, and Starbucks. Fort Myers is located in Lee County, which leads the nation in migration sub-markets, allowing an investor to capitalize on the future growth of the surrounding 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.