Wednesday, January 18, 2017

Marcus & Millichap Arranges $925,000 Sale of 2.88-acre Former Mobile home park site in St. Petersburg, FL

Julie Yo

Casey Babb
ST. PETERSBURG, FL, Jan. 18, 2017 – 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 a 2.88-acre former mobile home park located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $925,000.

“The site was originally planned for a 44-unit townhome community back in 2006, but sat vacant for the past decade as a result of the housing crash. The incoming buyer is an international developer based in China, and is planning a mid-rise student housing property called International House,” says Casey Babb.

 “The pre-development work is currently in the final stages and the buyer hopes to break ground in the second quarter of 2017 to begin leasing for the 2018 Fall semester.”

Babb, CCIM and vice president investments, and Paul Bouldin, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. Julie Yo of ReMax Capital Realty represented the buyer.

The site, located at 99th Avenue North in St. Petersburg, Florida, is planned for a mid-rise student housing property overlooking Tampa Bay and downtown St. Petersburg and catering to international students.

The property is an irreplaceable infill development site located within the Gateway Business District, which contains over 30 million square feet of Class “A” and “B” office and industrial space and is home to 2,700 businesses and 60,000 employees. The turn-key site has considerable pre-development work completed, and is ideally situated on Gandy Boulevard within Florida’s most densely populated county.

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700

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