LEHIGH ACRES, FL, June 8, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bealls (top left photo) and Save-A-Lot Center, a 74,315-square foot retail property located in Lehigh Acres, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $4,900,000.
James Medefind (middle left photo) and Michael J. Jaworski, (middle right photo) retail specialists in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Texas, and the Florida-based buyer, a private investor.
Bealls and Save-A-Lot Center was built in 1982 and is located at 1209-1239 Homestead Road. Over 45 percent of the base rent is from Bealls Outlet and Save-A-Lot, a subsidiary of publicly traded Supervalu Inc. (S&P: BB-).
Bealls is privately held and through its subsidiaries, operates over 560 retail store sites in states across the Sun Belt, from Florida to California, with annual sales over one billion dollars.
“We were able to bring in five offers on this property within a 30-day marketing period” says Medefind. “Ultimately, we secured a buyer who made a non-contingent offer, waived the inspection period, and agreed to close in 30 days.”
“I have seen buyers become more aggressive on stabilized retail properties in recent months and believe this is due to attractive financing rates at, or below, 5 percent interest” adds Medefind.
“The increase in buyer activity and aggressive offers is a good indication that the retail market is beginning to recover and investors have a positive outlook for the market.”
Press Contact: Richard D. Matricaria, Regional Manager, Tampa
(813) 387-4700
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