TAMPA, FL, September 20, 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 Pilot Bank – South Tampa, a 3,454-square-foot net-leased property on a 21,780-square-foot lot (0.50 Acres) located in Tampa, FL, according to Ryan Nee, first vice president and district manager of the firm’s Miami office. The asset sold for $3,800,000.
Gabriel Britti, Jonathan Gerszberg and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, a private investor, was represented by Ricardo Esteves, an investment specialist in Marcus & Millichap’s Miami Office.
“The Pilot Bank closing is significant because it demonstrates the elasticity of today’s market,” notes Gerszberg. “Every asset tranche has been pushed up in value. Two-tenant deals are being viewed and purchased like single-tenant triple net properties. Similarly, three to six unit multi-tenant strip centers with triple net leases are priced like low management, two-tenant properties. Credit is taking a backburner to location and lease terms,” adds Gerszberg. “Meaning a six-branch bank like Pilot Bank can trade for comparable numbers to that of a major, national bank.”
Britti points out that “location, rent increases and lease terms were the main factors in obtaining this cap rate.”
“We haven’t seen a market this hot in as long as I can remember,” explains Issenberg. “We’re breaking cap rate records every day. It’s all driven by a shortage of product and pent-up demand,” adds Issenberg.
Pilot Bank is located at 408 S. MacDill Ave in Tampa, FL, just minutes from the affluent waterfront community of Bayshore Gardens. The South Tampa location is s a 10-minute drive from Tampa International Airport and less than three miles from Raymond James Stadium, home of the Tampa Bay Buccaneers and the NCAA’s South Florida Bulls football team.
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.