SARASOTA, Fla., December 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 Taco Bell, a 3,079-square foot net-leased property located in Sarasota, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,180,000.
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.
“Through Medefind Retail’s marketing exposure, we generated 6 offers within first 4 days of marketing and the property sold for 99.5% of List Price. We generated a large number of offers from around the country that created a high level of competition, which ensured the highest strike price for the seller. Our proven winning process took the asset from Activation to Agreement in just 12 days and Contract to Close in Just 30 days,” stated Mr. Shiebler
Taco Bell is located at 855 South Tamiami Trail in Sarasota, Fla. This unique investment opportunity is ideally positioned next door to Publix Supermarket and McDonalds. Additionally, Taco Bell is ideally situated in front of Sarasota High School, providing a steady pipeline of customers, and within a few thousand feet of Sarasota Memorial Hospital, the largest hospital between Tampa and Ft. Lauderdale. Additionally, this dense infill, high barrier to entry location it is just 2 parcels from one of the busiest intersections in all of Sarasota county with a combined traffic count of over 95,500 cars per day. The location is operated by the largest Taco Bell franchisee in Florida and one of the top 10 in all of the U.S. The property is also uniquely positioned with over 225 linear feet parallel to the main business thoroughfare, U.S. Highway 41. This A+ location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.
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.