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| James Medefind |
CLEARWATER, FL, June 2, 2014 – 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 Midas
leased automotive center, which is currently being subleased to Charlie's Car
Care, according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $600,000.
James Medefind, an associate in Marcus &
Millichap’s Tampa office, Kirk D. Olson and Drew A. Kristol, vice
presidents investments in the firm’s Miami office, had the exclusive listing to
market the property on behalf of the Miami-based seller, a limited liability
company.
Armando Rodriguez, associate in the firm’s Tampa
office procured the buyer of the property, a private investor from California.
Midas-Clearwater was built in approximately 1960 and is
located at 1519 Gulf to Bay Boulevard in Clearwater, Fla. The property is
located off busy State Road 60 and is one block east of the five-point intersection
where Highland Avenue, Gulf to Bay Boulevard and Court Street meet.
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| Kirk D. Olson |
This favorable
location acts as the main route to Tampa and the local beaches, with a traffic
count of over 48,000 per day.
“This sale is a classic example of Marcus & Millichap’s
ability to access capital from across the country in order to maximize the net
profit for its clients,” says Medefind.
“In this case, a California investor was looking for more attractive
returns than he could receive in his home state.”
“Florida was an attractive alternative as an income tax-free
state with a high population growth.
After realizing the high quality location on State Road 60 and limited
downside, the buyer aggressively pursued this asset. It was truly a ‘win-win’ for everyone involved,” concludes
Medefind.
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700
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