LONGBOAT KEY, Fla., Oct. 19, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of Centre Shops at Longboat Key, Florida. The price for Centre Shops at Longboat Key is $7,590,000.
Centre Shops is located on the barrier island of Longboat Key on the Gulf of Mexico and links downtown Sarasota, Florida and Anna Maria Island. Longboat Key is well known for having one of the most affluent populations in Florida and was ranked as one of the top places to retire by SmartAsset.
“This is an exciting opportunity to purchase one of the largest parcels on all of Longboat Key,” said James Medefind, senior vice president of investments. “Centre Shops of Longboat Key is priced well below replacement cost, at just $200 per square foot, which is one of the primary value indicators that buyers analyze when investing today. With the added benefit of long-term tenants and below-market rents, Centre Shops at Longboat Key checks all the boxes for investors in today’s evolving real estate market.”
Medefind, senior vice president in Marcus & Millichap’s Tampa office, has the exclusive listing to market the property on behalf of the seller.
Centre Shops of Longboat Key, located at 5370 Gulf of Mexico Drive in Manatee County, offers 37,880 square feet of retail space on a 4.67-acre property steps from the beach. The shopping center has a strong tenant history, with 60% of tenants maintaining occupancy for seven years or more. Under current ownership, significant improvements have been made including new roofs, a revamped parking lot, modern finishes, and upgraded exterior lighting. The property is comprised of five buildings and currently maintains a 95% occupancy rate. Currently, new commercial development is not permitted on Longboat Key.
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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 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 visit www.MarcusMillichap.com.