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| Nicholas Ladvora |
ORANGE CITY, FL, July 11,
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 Orange City
Town Center, a 35,250-square foot retail property located in Orange City,
Florida, according to Richard D. Matricaria, regional manager of the firm’s
Tampa office. The asset sold for $4,500,000.
Nicholas Ledvora, CCIM, senior associate in the firm’s Tampa office, Chad E. Atwood, senior associate in the
firm’s Jacksonville office, and John L.
Graves, associate in the firm’s Orlando office, all had the exclusive
listing to market the property on behalf of the seller, a limited liability
company.
The buyer, a limited liability
company, was also secured and represented by the same brokerage team.
Orange City Town Center, a
35,250-square foot, multi-tenant, mixed-use property, is positioned on one of
Volusia County’s primary retail arteries at 2751 Enterprise Road in Orange
City, Florida.
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| John L. Graves |
Built in 2007, the
building has two floors with an approximately 18,300-square foot floor plate.
Orange City Town Center sits at the front of Orange City Medical Park and is
approximately 0.3 miles south of Florida Hospital Fish Memorial, the largest
employer in Orange City. At the time of sale, the property was approximately 96
percent leased.
“The sale worked out well
for both parties. The sellers have attempted to sell through several other
brokerage firms without success; while the buyers noticed some operational
inefficiencies that will allow them to realize a much better yield through the
execution of a diligent management strategy,” stated Ledvora.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager
Tampa, FL
(813) 387-4700
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