FORT MYERS, Fla., November 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 PDQ, a 4,295-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 $2,400,000.
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 property sold at 99% of list price with a Listing-to-Contract period of 14 days. We generated multiple offers and increased the ultimate contract price through the competitive environment the Medefind Retail Team created. The purchaser recognized the explosive growth of the area and positioning within the largest shopping mall for 300+ miles,” stated Mr. Shiebler.
PDQ is located at 17470 Ben Hill Griffin Parkway in Fort Myers, Fla. The subject property is an outparcel to Gulf Coast Town Center, a 1,900,000-square-foot power center featuring national tenants such as Costco Wholesale, Regal 16 Cinemas, LA Fitness, Bass Pro Shops, JC Penney, Dicks Sporting Goods, Marshalls, Best Buy, Ron Jon Surf Shop, and many more. Gulf Coast Town Center has been considered the commercial heartbeat of Fort Myers for over a decade and has massive signage on Interstate 75 that is impossible to miss. The property is one of many national restaurant chains outside the Town Center, including Panera Bread, Tijuana Flats, Olive Garden, Chilis, Longhorn Steakhouse, Cheddars, Culvers, Pollo Tropical, and McDonald’s. There are also six hotels within one-eighth mile of the subject property, totaling 896 rooms, providing the property with heavy foot traffic.
The Fort Myers market is a popular tourist destination and receives over 1.8 million visitors each year. Fort Myers is also a significant second-home market partly due to its convenient proximity to major cities, such as Miami and Tampa, which are both less than two hours away. World-class fishing, award-winning beaches, no state income taxes, and year-round beautiful weather are attracting new residents and visitors to this area at record-breaking pace.
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.