FORT MYERS, Fla., September 1, 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 Connors Steak & Seafood, a 9,040-square-foot (1.54 acres) net-leased property located in Fort Myers, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $6,400,000.
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. The buyer, a limited liability company, was also secured and represented by Shiebler, Garner and Medefind,
“This was truly an incredible property disposition as we brought the property to market and generated multiple offers. We strategically negotiated the offers, selected a buyer and went under contract,” said Jim Shiebler, first vice president of investments. “Covid-19 hit and decimated the entire casual-dining industry. We removed the asset from the market for a 6-month time period until paranoia subsided about in-store dining. We then reactivated the asset and generated a total of 6 offers for the property. It was tricky because one-third of the income was derived from a percentage rent source which was truly compromised during the covid-19 shutdown and additional patron aversion to the casual dining sector as a whole. The property income equation was extremely tricky and risky.”
According to Shiebler, the number of drivers for the property, including future income potential, made it a truly compelling property acquisition opportunity for the buyer, an out of state 1031 exchange buyer.
Connors Steak & Seafood is located at 10076 Gulf Center Dr in Fort Myers, FL. It is ideally situated between Florida Gulf Coast University (FGC) and Southwest Florida International Airport (RSW), which boasts over 10 million visitors per year. The seafood and steakhouse is at the entrance of Gulf Coast Town Center, the largest shopping center between Sarasota and Ft. Lauderdale.
The asset is also adjacent to the largest Costco in the State of Florida and is directly off the I-75 Interstate. Additionally, it is surrounded by hotels and newly constructed luxury homes, which is the ideal demographic and profile for the Connor Steak & Seafood customer base.
“This property transaction took a total of almost two years to close, but both the buyer and seller were winners in this very profitable transaction,” stated Mr. Shiebler.
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.