SUN CITY CENTER, Fla., May 24,2022 – 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 Sun City Center Plaza, a 97,654-square-foot, 31-suite, 100% fully occupied shopping center in the submarket of Sun City Center, Florida. The 10.36-acre property sold for $16,550,000.
“After almost 400 transactions in the last 12 years, Sun City Center Plaza was one of my favorites. Sun City Center Plaza had all of the attributes that an owner would look for in a quality investment,” said James Medefind, senior vice president of investments and founder of the Medefind Garner Shiebler Group. “More than 80% of the tenants had occupied the center for 10 years or longer, it is located in one of the fastest growing submarkets in Florida, and the seller had taken phenomenal care of the property. We received a substantial amount of interest from a variety of buyers, including local investors, institutions, private investment groups and international syndicates.”
James Medefind and the Medefind Garner Shiebler Group, specialists in the Marcus & Millichap Tampa office, had the exclusive listing to market on behalf of the seller, an out-of-state private investor. James Medefind also procured the Miami-based buyer.
Sun City Center Plaza, located at 1601 Sun City Center Plaza, is occupied by a diverse mix of national, regional, and local tenants, including Dollar Tree, Dollar General, Keller Williams, and Save-A-Lot. The center is located within five minutes of the waters of Tampa Bay, 30 minutes from downtown Tampa and just 25 minutes from downtown St Petersburg.
“I am glad we found the perfect buyer who had the experience and track record necessary to carry on the legacy of Sun City Center Plaza,” added Medefind.
According to the team, the plaza’s continued year-over-year success will benefit from the addition of new residential developments within a 2-mile radius of the property, including Cypress Mill, Valencia del Sol, Creek Preserve, Sereno, Southshore Bay and Lennar’s Medley at Southshore Bay.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.