TAMPA, Fla., Aug. 30, 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 Publix, a 64,031-square-foot net-leased property located in Tampa, Florida. The asset sold for $7,250,000 which represented a 3.38% cap rate.
“It was a pleasure representing the sellers in the sale of their property that has been in their family for nearly a century. Once a piece of dirt, followed by an Albertsons ground lease in 1978, and now a Publix, this property has proven to be an extremely sought-after piece of real estate,” said Evan Cannan, senior associate.“When a property has so many unique characteristics like this one, it is hard to determine what someone would be willing to pay for it, especially in the market we are in today. We decided to bring the deal out unpriced. Through an aggressive/strategic marketing and selling campaign, we drove six offers within the first three days of being on the market, created a competitive bidding environment, and closed at a record-breaking 3.38% cap rate 15-day contract to close. This was $1.25 million more than my client’s highest off-market offer. That said, Publix exercised their ROFR and matched the price and terms we presented them with.”
Cannan and Reid Thedford, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C. office facilitated procuring the highest offer in the bidding process.
Built in 1977 on 6.29 acres, the Publix is located at 8701 W. Hillsborough Ave. at the intersection of Memorial Highway and Hillsborough Avenue. Nearby national retailers include Starbucks, UPS, The Home Depot, CVS Pharmacy, Aldi, and Ross.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 offices whoprovide 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.