FORT MYERS, Fla, June 18, 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 Franklin Arms, a 27-unit mixed-use property located inFort Myers, Fla, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,700,000.
Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, 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. The buyer, a limited liability company, was also secured and represented by The RPH Multifamily Group.
“Franklin Arms is truly a trophy asset, given the historic vintage and Class-A location in Downtown Fort Myers,” said Podbelski. “That said, as a result of the mixed-use component of Franklin Arms, coupled with its relatively small footprint in comparison to similar mixed-use product, many of the larger mixed-use investors strayed away. However, we were ultimately able to secure a very strong Miami-based PE group that saw the future vision and subsequently closed at an approximate 5.8% cap rate,” Podbelski concluded.
Franklin Arms is located at 2310 First St in Fort Myers, Florida within walking distance of Downtown’s numerous professional establishments, dining and entertainment venues. The Property features 22 residential units and five office spaces. Franklin Arms’ historic façade is complemented by several recent renovations including: kitchens, bathrooms and flooring in addition to a new roof and windows in 2020.
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.