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| James Medefind |
VALRICO, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of Verizon Wireless, a
2,400-square foot net-leased property located in Valrico, Fla., according to Richard
D. Matricaria, regional manager of the firm’s Tampa office.
The asset sold for $1,936,000.
Armando Rodriguez, associate and James Medefind,
senior associate in Marcus & Millichap’s Tampa office, represented both
parties in the transaction.
Verizon Wireless is located at 3330 Lithia Pinecrest Road in
Valrico, Florida. The property is well
located at the corner of a four-way intersection with a traffic count over
50,000 per day. The property is
situated among 300,000 square feet of retail space, giving the property great
synergy with the other retailers.
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| Armando Rodriguez |
“This particular asset drove several offers, but at the end
of the day we were able to find a local private investor who was willing to pay
the most aggressive price of over $806 per square foot, which is a record for a
single-tenant net-leased Verizon building,” says Rodriguez.
“This was also a win for the buyer who was
looking for inflation protection and limited management responsibility.”
“In addition, with
annual rental escalations, the return over time made this asset the best
on-market out there,” adds Rodriguez.
For a complete
copy of the company’s news release, please contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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