Sunday, December 29, 2019

$1 Million Sale of Hancock Center in North Fort Myers, FL brokered by Marcus & Millichap




NORTH FORT MYERS, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Hancock Center, a 10,462-square foot retail property located in North Fort MyersFla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,130,000.

                    Chris Travis
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by the three brokers.

“Our team sold this center for 96.2% of List Price by generating multiple offers & creating a competitive purchase environment," stated. Shiebler.

James Garner 
 "Our proven process facilitated an expeditious timeline from List to Contract in just 12 days.

"The ultimate purchaser recognized the strong core real estate fundamentals and property facts including the fact that the property was located on the main commuter artery adjacent to 72,000 average daily traffic count, positioned in a dense market with 23,000 Households and 30,000 daytime employees within 3 miles.

"We also emphasized the fact that this specific submarket has a huge level of population migration and boasts below market rents with short term leases providing the opportunity to increase income and equity position through increasing rents to market in the future.”

 James Medefind
Hancock Center is located at 3443 Hancock Bridge Parkway in North Fort Myers, Fla.  The subject property is currently 100 percent occupied, with lease expirations staggered over the next five years.

An investor can realize significant upside by gradually replacing the office tenants with retail tenants and bringing the current below market rents up to market rates.

           
Offered at just $112 per square foot, Hancock Center is ideally located on Hancock Bridge Parkway, a busy commuter artery that connects Fort Myers with Cape Coral. Many residents and visitors heading to or from Cape Coral use this route to bypass the paid toll bridges. 

CONTACT:

Whitney Davis
Whitney.Davis@marcusmillichap.com

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