SARASOTA, Fla. June 9, 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 Expo On Clark, a 67,112-square foot retail property located in Sarasota, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $18,000,000.
“This true trophy asset garnered an enormous amount of attention during our marketing campaign. Our team generated a total of eight offers which created a high level of competition for the asset and provided the seller leverage during the negotiation process,” stated Mr. Shiebler, “The asset is located in a highly coveted area of the extremely desirable market of Sarasota, Florida. Sarasota is a national leader in growth and wealth, and these elements combined with an extremely stable long-term service and destination tenant base with a consistently high historical occupancy rate made this shopping center an exceptional commercial investment opportunity.”
Jim Shiebler, First Vice President, James Medefind, Senior Vice President and James Garner, First Vice President in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor from New York, was also secured and represented by Shiebler, Medefind and Garner.
“Additionally, the transactional velocity of shopping centers that trade in greater Sarasota is extremely low with only one or two similar properties selling each year as most are true generational assets,” Shiebler adds.
Expo On Clark is located at 4001 Clark Road in Sarasota, Florida just two miles from I-75 on a main East/West Route through Sarasota. The Property comprises over five acres of land with 600 feet of frontage on Clark Road and multiple points of access to the center in addition to shared access with Sawyer Oaks professional park. The asset is currently occupied by multiple national tenants on staggered lease terms with considerable increases. Surrounding retailers include: Taco Bell, Chase Bank, TD Bank, McDonald’s, Starbucks and Advance Auto Parts.
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 8,954 transactions in 2020 with a value of approximately $43 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.