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| Ronnie Issenberg |
ST. PETERSBURG, FL, Jan.
16, 2016 – 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 newly developed 2,500-square foot TD Bank Ground
Lease, located in St. Petersburg, Florida.
According to Kirk A.
Felici, regional manager of the firm’s Miami office, the asset sold for
$3,250,000.
Gabriel Britti, Jonathan Gerszberg and Ronnie
Issenberg, investment specialists in
Marcus & Millichap’s Miami office, had the exclusive listing to market the
property on behalf of the seller, a local developer. The buyer, a family trust, was secured and
represented by Scott C. Sandelin ,
an investment specialist in Marcus & Millichap’s Miami office.
“There has been tremendous
demand in the market for well-located, net leased investments with class A
tenants” says Britti. “The Tampa MSA is very strong, and we had multiple offers at or around list price
on this deal,” says Issenberg.
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| Jonathan Gerszberg |
Gerszberg adds that “The seller took advantage of prime market
conditions. We are seeing cap rates top
out on these deals, and the seller wisely sold now, as the market is slowing a
bit.”
Sandelin explains that the
buyer, “saw the merits of buying into such a solid tenant in a market that is
so strong that there are two brand new Publix Markets just one block from the
property. He wanted a secure investment
and we found it for him.”
TD Bank Ground Lease is
located at 3900 4th Street North in St. Petersburg, FL. The Marcus & Millichap Team, through the
years of experience and dedication, generated multiple offers, creating a
bidding process and closed the property at a record low cap rate for a Florida
bank (4%) at list price with no re-trade.
For a complete copy of the company’s news release,
please contact:
Kirk A. Felici
First Vice
President/District Manager, Miami, FL
(786) 522-7000
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