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| Centre Shops of Longboat Key, 5370 Gulf of Mexico Drive, Longboat Key, FL |
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| James Medefind |
LONGBOAT KEY, FL, Dec. 9, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of Centre
Shops of Longboat Key, a 37,880-square foot retail property located in
Longboat Key, Fla., according to Richard D. Matricaria, regional manager of the
firm’s Tampa office.
The asset sold for $3,700,000.
James Medefind, a senior associate in Marcus &
Millichap’s Tampa office, represented both parties in this transaction.
Centre Shops of Longboat Key was built in 1986 and is
located at 5370 Gulf of Mexico Drive in Longboat Key, Fla.
This 37,880-square foot neighborhood center is located
directly across the street from the Gulf of Mexico. Longboat Key is an exclusive barrier island just west of
Sarasota, and an hour south of Tampa.
With its white, sandy beaches, it is a popular destination
for retirees and families alike. The
Centre Shops of Longboat Key is positioned competitively, as it is one of the
only major retail properties on the island.
“This is a classic case of our ability to make a market for
an asset and navigate through very difficult deal issues,” says Medefind.
“During the marketing period we procured 21 offers from both
local and out-of-area investors from all over the country.
“Our ability to navigate through very difficult and
complicated deal issues resulted in a successful closing, while ensuring our
client maximized his proceeds in delivering access to the largest buyer pool
imaginable,” adds Medefind.
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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