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| BB&T Bank, St. Petersburg, FL |
ST 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 BB&T Bank, a
4,375-square foot net-leased property located in St. Petersburg, Fla., according
to Ari Ravi, regional manager of the firm’s Tampa office.
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| Ari Ravi |
The asset sold for $2,425,000.
Jim Shiebler, James Garner and James Medefind,
investment specialists in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a private
investor.
The buyer, a private investor, was secured and represented
by Arthur D. Porosoff and Ryan T. Shaw, investment specialists in
Marcus & Millichap’s Miami office.
“Executing our comprehensive marketing approach and
international platform to expose the asset to the widest possible buyer pool,
we generated 12 offers for the property and sold the asset for 96% of list
price. says Mr. Shiebler
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| Jim Shiebler |
"We were able to attract a Miami buyer, who was
performing a 1031 exchange from a land sale and negotiated a 45 day total the
contract period.
"The cross-product type buyer appreciated the
gentrification and resurgence of the submarket and we were able to prove the
future value growth and upside of the area through the design of several
proprietary analyses models which validated the price from a multitude of
angles.”
BB&T Bank is perfectly positioned at the signalized intersection of 34th
Street North and 1st Avenue North, directly across the street from a Walmart
Supercenter.
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| James Garner |
Other retailers in the immediate area include Walgreens, CVS
Pharmacy, Citi Trends, Family Dollar, Church's Chicken, Checkers, Taco Bell,
Dunkin' Donuts, KFC, Arby's, Burger King, Advance Auto Parts, AutoZone,
O'Reilly Auto Parts, Shell, and 7-Eleven.
Ideally located on the hard corner of 34th Street North (U.S. Highway 19) and 1st Avenue North, which collectively expose the property to approximately 56,000 vehicles per day.
U.S. Highway 19 is a dense retail corridor with high barriers to
entry and is Pinellas county's busiest north/south thoroughfare.
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| James Medefind |
The property lies adjacent to
the Central Avenue corridor-- a recent hot spot for development.
Trendy new restaurants,
boutique shops and breweries are drawing more and more young professionals to
the immediate area.
This location is also part of Historic Kenwood, a
well-established, high demand and highly affluent neighborhood community.
St Petersburg, Florida is
located in Pinellas County and is part of the Tampa Bay MSA.
Pinellas County boasts the
densest population in the State of Florida with over 274,000 people within a
five-mile radius of the subject property
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| Arthur D. Porosoff |
St Petersburg is home to the
Tampa Bay Rays, an American League professional baseball team, multiple
nationally recognized museums and award-winning beaches that have continuously
ranked in the top 10 beaches in the world.
Contact:
Ari Ravi
Regional Manager
Tampa, FL
(813) 387-4700
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