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| Casey Babb |
BRANDON, 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 Knights Avenue Land, a 6.08-acre
apartment land parcel located in Brandon, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$1,620,000.
Casey Babb,
CCIM and vice president investments, and Paul
Bouldin, senior associate, both in Marcus & Millichap’s Tampa office,
had the exclusive listing to market the property on behalf of the seller, a
limited liability company. The buyer, a
developer, was secured and represented by Babb and Bouldin.
Knights Avenue Land
contains approximately 6.08 acres of vacant land and is approved for 125
apartment units. It is located on Knights Avenue just north West Brandon
Boulevard (SR-60) in Brandon, Florida.
Approximately two and
one-half miles east of the Westfield Brandon Mall, which is located at the southeast
corner of the Interstate-75 and West Brandon Boulevard intersection. Knights
Avenue Land has easy access to the major Tampa employment centers via
Interstate-75 to the west, Interstate-4 to the north and the Lee Roy Selmon
Expressway to the south.
“This site was originally
planned for townhomes back in 2006, but due to the market correction ended up
selling to a tax-credit developer who will break ground soon on 120 affordable
housing apartments,” says Babb. “The location is fundamentally sound and this
project should be a successful one going forward. After a two year sales
process, our client was happy in the end with the sale at 100 percent of the
asking price.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
Vice President/Regional
Manager
Tampa
(813) 387-4700
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