ST. PETERSBURG, Fla., Nov. 07, 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 a Dollar Tree, a 12,900-square-foot property in St. Petersburg, Florida. The asset sold for $5 million.
“This site was built to suit CVS Pharmacy in 2011 and encumbered by an original 25-year absolute net lease agreement. This deal presented some unique challenges due to the sublease agreement between CVS and Dollar Tree which occurred in early 2022. The flat rent structure in an inflationary environment was cause for concern,” said Daniel Hurd, first vice president investments. “We were able to secure strong interest in this listing. The deal was in escrow for just under 60 days and sold at a 4.8 percent capitalization rate.”
Hurd, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based investment group. The buyer, a California-based private investor, was also procured by Hurd.
Dollar Tree is located at 8275 Bay Pines Blvd. and is 3.5 miles from the Gulf of Mexico. Built in 2011 and situated on a 1.85-acre corner lot outparcel to Target, the property is surrounded by national retailers including Walgreens, Wendy’s, Amscot Financial, and First Watch.
# # #
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.