VALRICO, Fla., June 24, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pine Grove Townhomes, a 17-unit apartment property located in Valrico, Fla., according to Chris Travis, regional manager of the firm’s Tampa office.
Luis Baez, CCIM, Casey Babb, CCIM, Dan Mulkey and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer.
Pine Grove Townhomes is located at Pine Knot Drive in Valrico, Fla. Constructed in early 2000, all seventeen units are within five neighboring buildings on the same street. The offering consists of 100 percent three-bedroom/two and one-half units measuring either 1,842 or 2,047 square feet. Units feature large, open floor plans, private patios (some fully screened), fully equipped kitchens with dishwashers, washer/dryer connections in all units, and private garages. All units feature condo-grade finishes including granite countertops (select units), wood cabinetry, updated plumbing and lighting/fan packages. Community amenities include a swimming pool, toddler playground, and several tenant gathering areas.
Pine Grove Townhomes has a substantial employment base within a thirty-minute drive including 93,000 employees within 20 minutes and 60,000 in Downtown Tampa within 30 minutes. The property is also in proximity to major demand drivers such as the Brandon Regional Hospital (4 miles), Westfield Brandon and Regency Square Malls (5 miles), The Estuary (5 miles); a 150 acres entertainment complex which includes Bass Pro Shop, Top Golf, Dave & Busters, and iFly. It also includes two recently constructed USAA office buildings at Crosstown Center, totaling 660,000 square feet of space and over 2,200 employees.
Pine Grove Townhomes is conveniently located off Bloomingdale Avenue, a major east/west corridor through the Greater Brandon Area with traffic counts exceeding 40,000 vehicles per day. Residents enjoy close proximity to an abundance of retailers and dining options along as well as the close proximity to the Westfield Brandon Mall and Regency Square Mall which together total over 1.5 million square feet of shopping, dining and entertainment space. The Brandon Campus of Hillsborough Community College is just minutes away from Pine Grove Townhomes and is an institution with nearly 47,000 students across its six local campuses. The school ranks 20th nationally in total number of associate degrees produced annually.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.