Tuesday, June 1, 2010

Marcus & Millichap Sells 28,000-SF Shopping Strip in Orange Park, FL


ORANGE PARK, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of O’Reilly Auto Parts Center, (top left photo)  a 28,000 square-foot retail property located in Orange Park, FL, according to Richard D. Matricaria, (bottom left photo)  Regional Manager of the firm’s Jacksonville office.

The asset commanded a sales price of $2,817,000.

David Hsieh, (middle right photo)  Vice President Investments and James Hoggatt, an investment specialist in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a developer.

 The buyer, a local partnership, purchased the property all-cash as part of a 1031 exchange.

“The property is 100 percent occupied and sold at a 10.05 percent CAP rate on in-place income,"says Hsieh..

"The buyer will benefit from the property’s busy location at the intersection of Blanding Boulevard and Wells Road and the fact that it is shadow-anchored by the 900,000-square foot Orange Park Mall,” 

O’Reilly Auto Parts Center is located at 1980 Wells Road.

Press Contact:  Richard D. Matricaria, Sales Manager, Jacksonville, (904) 672-1400

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