PORT CHARLOTTE, FL, September 29, 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 Town & Country Plaza, a 55,160-square foot retail property located in Port Charlotte, FL, according to Christopher W. Travis, Regional Manager of the firm’s Tampa office. The asset sold for $7,100,000.
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 limited liability company.
“Through our proven marketing process and blanketed exposure, we built a market and high level of demand for the asset, generated numerous offers and created a true competitive environment. This transactional timeline did not unfold without its challenges, particularly during the inception of the Covid-19 pandemic. This closing required creativity and specific strategic brokerage to ensure both parties achieved their objectives. We ensured that the seller yielded an exceptional price and reached their goals of selling the center at the highest price and transition into multiple single tenant net leased properties. The one element, above all, that achieved this closing was the relentless determination that we demonstrated for the seller to deliver upon our promises to ensure they reached their goals.” stated Mr. Shiebler.
Town & Country Plaza is located at 4265 Tamiami Trail in Port Charlotte, FL. The asset is currently occupied by multiple name brand tenants with corporate backed lease guarantees with staggered lease expirations and healthy increases. The attractive mix of recession proof and service-based tenants ensures stabilization of asset into the future. Town & Country Plaza is perfectly situated in the epicenter between the recently reimaged Publix supermarket and the $470MM new Sunseeker Resort.
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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.