Sunday, September 6, 2015

Marcus & Millichap Arranges Sale of Taco Bells in St. Petersburg, FL and Pasadena, FL


Taco Bell, 1495 4th Street South, St. Petersburg, FL


 
Barry M. Wolfe
SAINT PETERSBURG, 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 two Taco Bell restaurants located in St. Petersburg and Pasadena, Fla. 1495 4th Street South sold for $2.01 million and 903 Pasadena Avenue South sold for $2.24 million.

Barry M. Wolfe, a first vice president investments, and Alan Lipsky, an associate, both in Marcus & Millichap’s Fort Lauderdale office, represented the seller of the properties, a limited liability company from St. Petersburg, Fla.

Both properties are newly constructed with long-term leases and minimal landlord responsibilities.

"Investor demand for available single-tenant properties is very strong, especially in the St. Petersburg area. The city is experiencing incredible growth from new restaurants, condos and apartments,” says Wolfe.  “We received tremendous interest from both domestic and international investors in the Taco Bell properties.”

The 1,760-square foot Taco Bell at 1495 4th Street South is less than a mile from the University of South Florida-St. Petersburg, Bayfront Medical Center, All Children’s Hospital and Port of St. Petersburg. The 2,141-square foot Taco Bell at 903 Pasadena Avenue South is situated in Pasadena, a thriving community adjacent to the gulf beaches.

For a complete copy of the company’s news release, please contact:       

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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