TREASURE ISLAND, Fla., July 5, 2023 – 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 Treasure Island Plaza, a 20,000-square-foot shopping strip located in Treasure Island, Florida. The asset sold for $5,850,000.
“Beachside retail properties along the barrier islands are extremely sought after in today’s market,” said Evan Cannan, senior associate. “We were able to source an opportunistic Miami-based investor with plans to redevelop the parcel into a large mixed-use property with 12,000 square feet of retail on the bottom floor and 40 residential dwellings above. This sale marks our 4th beachside retail sale within the last year. We continue to break pricing records when it comes to the sale of retail properties along the barrier islands.”
Cannan and Reid Thedford, investment specialists in Marcus & Millichap’s Tampa office closed the transaction.
Treasure Island Plaza is located at 118 107th Ave., on the north side of Treasure Island Causeway. The property is less than an hour’s drive to Saint Petersburg-Clearwater International Airport and Tampa International Airport. Constructed in 1981 on one acre, the one-story building is occupied by 11 tenants.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visitwww.MarcusMillichap.com.