Know about market updates

Marcus & Millichap brokers a trio of west-coast deals

Marcus & Millichap brokers a trio of west-coast deals
The sales included a St. Pete shopping center and two rental properties in Fort Myers
December 26, 2015 10:00AM

34th Street Crossing in St. Petersburg

The Tampa office of commercial real estate brokerage Marcus & Millichap represented sellers of income-producing properties in St. Petersburg and Fort Myers in three transactions totaling $7.68 million.
Marcus & Millichap had the exclusive listing to represent the seller of 34th Street Crossing, a 51,619-square-foot shopping center in St. Petersburg, which sold for $4.39 million.
The occupancy rate at the time of the sale was 97 percent. Such national tenants as Aldi, DaVita and Bank of America occupy about half of 34th Street Crossing. The St. Petersburg address of the shopping center is a 4.32-acre site on 34 Street South, a major north-south thoroughfare that also serves as U.S. Highway 19.
Marcus & Millichap also helped sellers of two rental properties in Fort Myers. One was an eight-unit property called Greenwood Duplex Portfolio that commanded a $286,250 sale price.
The brokerage firm also had the exclusive listing for an 88-unit apartment complex in Fort Myers called Bay Park Villas. The property sold for $3.01 million. It occupies 2.81 acres east of U.S. Highway 41, the major north-south thoroughfare in Lee County.
“Although Fort Myers is considered a tertiary market, many investors are seeking an entry point into the southwest Florida market,” Joshua Teplitzky, an associate in the Tampa office of Marcus & Millichap, said in a press release. “We generated five offers [for Bay Park Villas] in a short 30-day marketing period and ultimately procured the buyer out of New York.”

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *