Friday, April 25, 2014

Marcus & Millichap Arranges Sale of Eight-Unit Apartment Community in Tampa, FL

Inca Drive Apartments, Tampa, FL

Francesco Carriera

TAMPA, FL, April 25, 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 Inca Drive Apartments, an eight-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $395,000.

Francesco Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. 

The listing agents also procured the buyer of the property, a private investor based in Brandon, Florida.

Inca Drive Apartments were built in 1972 and are located at 8602 Inca Drive in Tampa, Florida.  The property consists of four, one-story buildings situated on approximately 1.46 acres of land. 

Michael Regan
The buildings are comprised of eight, two-bedroom/one-bathroom units with 800 rentable square feet.  Most of the interiors of the units have been renovated with vinyl tile flooring or ceramic tile. The roofs on all buildings were replaced in 2013.  Amenities include washer and dryer connections in all units.

“This property was an off-market transaction,” says Teplitzky. “The property was attractive to the buyer since it was completely renovated within the last 18 months and the rents were under market by approximately $100.”

“There was also over half an acre of developable land included in the sale,” adds Teplitzky.

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

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

CBRE Offers Two Prime Single-Story Office Buildings for Sale in East Orlando, FL

3500 and 3626 Quadrangle Boulevard, East Orlando, FL

ORLANDO, FL --CBRE, as exclusive advisor, is pleased to offer for sale 3500 & 3626 Quadrangle Boulevard, two single-story office buildings totaling 82,175 square feet, located in the East Orlando office submarket of Florida.

Ronald J. Rogg
The Property is part of the Quadrangle Corporate Park, a 157-acre master planned business park, built adjacent to two of Orlando’s economic powerhouses: The University of Central Florida (UCF) and the Central Florida Research Park (CFRP).

 Strong credit tenants, such as Siemens and Cemex, account for the majority of this Property with long-term, triple-net leases in place. Built in 2001, the Property has been owned and maintained on an institutional basis.

A combination of asset quality, location, credit tenants, and cash flow make it one of Central Florida’s leading investment opportunities today.

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

Ronald J. Rogg, CCIM
Executive Vice President
+1 407 839 3194