Monday, July 11, 2016

Marcus & Millichap Arranges $4.5 Million Sale of 34,250-SF Orange City Town Center in Orange City, FL

Nicholas Ladvora
ORANGE CITY, FL, July 11, 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 Orange City Town Center, a 35,250-square foot retail property located in Orange City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,500,000.

Nicholas Ledvora, CCIM, senior associate in the firm’s Tampa office, Chad E. Atwood, senior associate in the firm’s Jacksonville office, and John L. Graves, associate in the firm’s Orlando office, all had the exclusive listing to market the property on behalf of the seller, a limited liability company.  

The buyer, a limited liability company, was also secured and represented by the same brokerage team.

Orange City Town Center, a 35,250-square foot, multi-tenant, mixed-use property, is positioned on one of Volusia County’s primary retail arteries at 2751 Enterprise Road in Orange City, Florida.

John L. Graves
Built in 2007, the building has two floors with an approximately 18,300-square foot floor plate. Orange City Town Center sits at the front of Orange City Medical Park and is approximately 0.3 miles south of Florida Hospital Fish Memorial, the largest employer in Orange City. At the time of sale, the property was approximately 96 percent leased.

“The sale worked out well for both parties. The sellers have attempted to sell through several other brokerage firms without success; while the buyers noticed some operational inefficiencies that will allow them to realize a much better yield through the execution of a diligent management strategy,” stated Ledvora.

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

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

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