Marcus & Millichap Brokers $2.8 Million Sale of Still Waters West Seniors Housing Facility in Lake City, FL

Krone Weidler

LAKE CITY, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Still Waters West, a 21,711-square foot seniors housing property located in Lake City, Fla., according to Grant Fitzgerald, regional manager of the firm’s Tampa office. The asset sold for $2,800,000.

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a not-for-profit corporation.  The buyer, a limited liability company, was also secured and represented by Weidler and Tsunis.

“We were able to successfully navigate the complexities of a not-for-profit operator selling to a for-profit buyer. Our expertise in underwriting and business standards of seniors housing allowed the buyer to purchase the property with financing. This involved the cooperation of both the seller and the buyer as well as other third parties,” saidTsunis.

Still Waters West, a not-for-profit assisted living facility located in Lake City Florida. The 21,711-square foot facility sits on 1.26 acres of land between Jacksonville and Tallahassee, just north of U.S. Highway 90. 

L.J. Tsunis

The facility is located in a lovely shaded woodland area, but is still just minutes away from restaurants, shopping centers, and medical facilities including Lake City Mediplex, which is directly across the street from the facility. 

Columbia County has recently been touted as the state's fastest growing county in terms of new business development. Also, the new Port of Columbia County is expected to bring in 3,000 new jobs to the area.

Contact: 

Grant Fitzgerald

Regional Manager, 
Tampa, FL
(813) 387-4700