Fifth Third Bank in Altamonte Springs, FL Sells for $2.625M

ALTAMONTE SPRINGS, FL, July 1, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fifth Third Bank, (top right photo) a 4,629-square foot single-tenant net-leased property located in Altamonte Springs, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,625,000.

John E. Brigel, (bottom left photo) Senior Associate and Ronald Schultz, Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property

on behalf of the seller, (tenants in common).

The buyer, a limited liability company, was also secured and represented by Brigel and Schultz.

This ground lease opportunity with Fifth Third Bank is positioned in the geographic heart of central Florida. Fifth Third Bank is located at 795 Gateway Drive.

“Ron and I represented the seller who was located in California. The property is in Orlando and we procured the buyer, who was in Albany, New York”.

“It was a relatively complex deal as it is a ‘to-be-built Fifth Third branch’ on an existing restaurant pad site. Environmental concerns, plan approvals and current economic instability made for a very interesting process with lots of moving parts to be wrangled in. All parties are quite excited about getting this deal done,” states Brigel.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700