FORT MYERS, FL, July 26, 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 Shops at Jamaica Bay, a 21,080-square foot multi-tenant
shopping complex located in Fort Myers, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,700,000.
Jim Shiebler, James Medefind and James Garner, 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 secured and represented by Jim Shiebler, James Medefind and James Garner.
The seller for Shops at Jamaica Bay commanded a record low cap rate for similar class properties. The team at Marcus & Millichap was able to take advantage of the unprecedented market conditions for smaller high-class centers in the highly coveted Southwest Florida real estate market.
“This asset had exceptional appeal, including being ideally situated in the heart of Ft. Myers and located on the main business artery, US-41, boasting over 45,000 cars a day,” said Jim Shiebler, First Vice President Investments. “The buyer, a 1031 exchange investor, appreciated the high quality of the asset, including the quality of tenants, the long-term tenant base and the lengthy leases in place with staggered lease expirations. Additionally, the high affluence, solid population density and future migration and growth of this immediate submarket checked all of the boxes for the buyer,” stated Mr. Shiebler.
Located at 15245 S Tamiami Trail in Fort Myers, FL, the Shops at Jamaica Bay strip features excellent visibility at the intersection of Tamiami Trail (U.S. Route 41) and Jamaica Bay Boulevard. Built in 2007, the retail shopping center is fully occupied, including nationally known tenants AT&T and Allstate insurance.
# # #
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.