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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