ST. PETE BEACH, FL, March 8, 2021 – 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 Mulligan’s Plaza, a 18,750-square foot retail property located in St. Pete Beach, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,572,000.
Evan Cannan 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 Evan Cannan and James Medefind.
“We represented the seller who has owned this property for over 15 years. We managed to create an extremely competitive environment and generated 5 offers within the first 10 days of marketing the property, including 3 full or above list price. This amazing piece of real estate was under contract in just 23 days, and we performed a rapid 30-day timeline from contract to close. The property closed at full list price and an aggressive 5% cap rate on current income,” says Evan Cannan.
Mulligan’s Plaza is located at 9524 Blind Pass Rd in St. Pete Beach, FL. Directly in the heart of the beautiful St. Pete Beach, the property benefits from the thousands of people who migrate South every year.
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.