SEFFNER, FL, April 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of North Grove Center, (top right photo) a 70,040 square foot retail property located in Seffner, Florida, according to Bryn D. Merrey, (middle left photo) Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $2,700,000, which equates to a price per square foot of $38.00.
David Goldstein and Les Aron, (bottom right photo) Vice Presidents of Investments and Matthew Reichenthal, Investment Specialist in Marcus & Millichap’s Tampa office, together with Michael Lombardi, Senior Associate in Marcus & Millichap’s New Jersey office had the exclusive listing to market the property on behalf of the seller, an out-of-state private investor.
The buyer, an affiliate, Isram Realty, of Hallandale Florida, was secured and represented by Dimitrios Langas an
d Matthew Reichenthal. North Grove Center, which was built in 1977 and renovated in 2004, is located at 725 West Dr. Martin Luther King Jr. Boulevard.
The shopping center is approximately 70,040 square feet, anchored by Winn Dixie and Dollar General.
North Grove Center was sold for $2,700,000 at an 8.77 percent cap rate with an occupancy of 85 percent.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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