| Holiday Commerce Center Holiday, FL |
HOLIDAY, 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 Holiday Commerce Center, a 27,000-square foot industrial warehouse property located in Holiday, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,320,000.
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Devid Guilliams |
Devin Guilliams and Alex D. Zylberglait, investment specialists in Marcus & Millichap’s Tampa and Miami offices, had the exclusive listing to market the property on behalf of the seller, an individual.
The agents were able to put the listing under contract in 39 days and closed 57 days thereafter to a cash buyer outside of Pasco County.
The agents were able to put the listing under contract in 39 days and closed 57 days thereafter to a cash buyer outside of Pasco County.
“We were really happy to provide a vital service to the Sellers who have been in business in the Central Florida area over the past 20 years," said Guilliams.
"We were able to quickly generate offers allowing us to create a competitive bidding environment. Ultimately the Sellers are now able to move on to new business pursuits.”
Added Zylberglait: “The building sold at an 8% cap rate on current income which is what we are seeing in a market such as this.
"We were pleased with this pricing given the little time we marketed the asset and were happy to get our client what they needed to move on to the next chapter of their business career.”
"We were able to quickly generate offers allowing us to create a competitive bidding environment. Ultimately the Sellers are now able to move on to new business pursuits.”
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| Alex Zylberglait |
"We were pleased with this pricing given the little time we marketed the asset and were happy to get our client what they needed to move on to the next chapter of their business career.”
Holiday Commerce Center is located at 4625 Panorama Avenue in Holiday, Fla., close to the intersection of US 19 and Alternate 19.
The warehouse has multiple tenants including Palm Paper Supply (the anchor tenant, a restaurant supply chain management provider), an automotive repair company as well as motor boat repair company. It was 97% occupied at the time of marketing.
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| Grant Fitzgerald |
The seller had done impressive work to the common areas installing new vinyl flooring, LED lights, and upgraded AC systems.
The buyer will continue to operate the property on a long-term hold and was pleased with the renovations the seller had made as well as the opportunity to work with the tenants in place.
Contacts:
Grant Fitzgerald
Sales Manager, Tampa
Whitney Davis
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Marketing Coordinator
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