Saturday, August 16, 2014

Marcus & Millichap Arranges Sale of 37,358-SF Seniors Housing Property in Lake City, FL for $7.4 Million


Krone Weidler
LAKE CITY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of WillowBrook Assisted Living, a 37,358-square foot seniors housing property located in Lake City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.

Krone Weidler, associate vice president investments and L.J. Tsunis, associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

WillowBrook Assisted Living is located at 1580 South Marion Avenue in Lake City, Florida.  The 37,358-square foot building is situated on approximately 5.2 acres of landscaped land that includes a gazebo and a pond.  Built in 2000, with an addition added in 2004 and 2007, WillowBrook is one of the newer assisted living facilities in north central Florida.

L.J. Tsuni
“We received multiple offers from our buyer base around the country and in the end, an LLC out of Ohio purchased the asset,” says Ms. Weidler.  “This is a great example of the interest buyers have in a high quality seniors housing product.” 

“Class A products in Class A locations with a private pay resident base are in high demand,” adds Ms. Weidler. “Initially, Willowbrook was sold in April 2013 for $6,700,000 and less than 15 months later, the same asset sold for $7,400,000.”

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
 Tampa, FL
(813) 387-4700

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