Sunday, December 27, 2015

$9.8 million sale of village shoppes at st. lucie west arranged by marcus & millichap in Port St. Lucie, FL

Village Shoppes at St. Lucie West,  1718-1748 S.W. St. Lucie West Boulevard, Port St. Lucie, FL

Adam J. Titkin
PORT ST. LUCIE, 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 Village Shoppes at St. Lucie West, a 25,607-square foot retail center located in Port St. Lucie, Fla. The asset sold for $9,800,000 representing a 6 percent CAP rate.

Adam J. Tiktin, a first vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Ross Realty – a partnership based in Davie, Fla.  The buyer, a partnership from Salem, Mass., was secured and represented by Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“This was a tremendous opportunity for an investor to acquire a stabilized and fully-leased shopping center,” says Tiktin.  “We received multiple offers from investors across the country and closed for just under list price.”

Village Shoppes at St. Lucie West is a 25,607-square foot retail center situated on 2.89 acres. The property is currently 100 percent occupied by nine tenants including Sprint, Fresenius Medical, Sports Clips and other national, regional and local tenants.

Located at 1718-1748 S.W. St. Lucie West Boulevard, the center is situated in a busy retail corridor just east of Interstate-95. Many national tenants including Walmart, Publix and Home Depot, as well as the New York Mets spring training camp are nearby.

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

Kirk A. Felici
First Vice President/District Manager
 Miami, FL

(786) 522-7000

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