Saturday, January 16, 2016

Marcus & Millichap Arranges $3.25 Million Sale of 2,500-SF Net LeasedTD Bank Ground Site in St. Petersburg, FL

Ronnie Issenberg
ST. PETERSBURG, FL, Jan. 16, 2016 – 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 newly developed 2,500-square foot TD Bank Ground Lease, located in St. Petersburg, Florida.

According to Kirk A. Felici, regional manager of the firm’s Miami office, the asset sold for $3,250,000.

Gabriel Britti, Jonathan Gerszberg and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer.  The buyer, a family trust, was secured and represented by Scott C. Sandelin , an investment specialist in Marcus & Millichap’s Miami office. 

“There has been tremendous demand in the market for well-located, net leased investments with class A tenants” says Britti. “The Tampa MSA is very strong, and we  had multiple offers at or around list price on this deal,” says Issenberg. 

Jonathan Gerszberg
Gerszberg adds that  “The seller took advantage of prime market conditions.  We are seeing cap rates top out on these deals, and the seller wisely sold now, as the market is slowing a bit.”

Sandelin explains that the buyer, “saw the merits of buying into such a solid tenant in a market that is so strong that there are two brand new Publix Markets just one block from the property.  He wanted a secure investment and we found it for him.”

TD Bank Ground Lease is located at 3900 4th Street North in St. Petersburg, FL.   The Marcus & Millichap Team, through the years of experience and dedication, generated multiple offers, creating a bidding process and closed the property at a record low cap rate for a Florida bank (4%) at list price with no re-trade.

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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