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| James Medefind |
SARASOTA, 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 Jiffy Lube, a 3,565-square
foot net-leased property located in Sarasota, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office.
The asset sold for
$1,050,000.
James Medefind,
senior associate in Marcus & Millichap’s Tampa office along with Drew A. Kristol and Kirk D. Olson, both vice president
investments in the firm’s Miami office, had the exclusive listing to market the
property on behalf of the seller.
The buyer, a
private investor, was secured and represented by Mike Paspalakis, associate, Michael
Donaldson, vice president investments, and Nicholas Meoli, associate vice president investment, all in the
Tampa office.
Jiffy Lube is located at 8624 South Tamiami Trail (U.S.
Highway 41) in Sarasota, Florida. U.S. Highway 41 is the main north-south
highway along the west coast of Florida.
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| Drew A. Kristol |
As a result, a substantial traffic
count of over 45,000 cars per day pass in front of the subject property. The
tenant recently opted to execute a new 10-year lease in lieu of an available
five year option period, showing their commitment and success at this location.
“This transaction was a great example of Marcus &
Millichap’s ability to access out of area buyers to maximize the net proceeds
for our clients.
"Through our collaborative platform we were able to source a
buyer from New York looking to expand his portfolio in Florida.
"We are seeing
an increased flow of out of state buyers looking to take advantage of the
attractive investment environment here in the Sunshine State,” says Medefind.
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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