Marcus & Millichap Achieves Record Pricing for Cape Coral, FL Retail Sale

CAPE CORAL, 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 Towers I and Towers II, a 72,453-square foot multi-tenant retail property located in Cape Coral, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $14,300,000.

Jim Shiebler

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, an individual/personal trust.  The buyer, a private investor, was also secured and represented by the three brokers.

“We received an enormous amount of attention for these assets and, through our marketing platform and methodical sourcing approaches, generated multiple offers in a very short period of time. 

"As a result, we achieved Record Pricing for class of center through the crafting and perfecting of the most compelling story of the future value based on location, population growth and core real estate drivers. 

James Garner 

"Our team exposed the assets to thousands of U.S. and International investors and orchestrated 1 month of successful negotiations with the ultimate buyer. 

"The buyer, a private investor from the Northeast, appreciated the opportunity to increase income and equity through the recalibration of rents once the immediate developments of Lucky’s Organic Market and Wawa are completed directly across the street,” stated Mr. Shiebler.

Towers I & II are located at 2612 & 2708 Santa Barbara Boulevard in Cape Coral, Fla and is stabilized at 89 percent occupancy.  Much of the center’s major tenants have occupied this space since the center's inception in 2008 and 2010 respectively and net leases ensure full reimbursements of expenses. 

James Medefind

Towers I & II provides an investor the opportunity to purchase truly rare investment properties that are incredibly located on Main and Main. These properties are positioned directly across the street from the brand-new Lucky's Supermarket, projected to be completed in spring 2020, Publix Supermarket, Target, and Lowe's.

This asset is situated in the absolute center of the burgeoning market of Cape Coral as this city is ranked as the "No. 1 Fastest Growing Small City in the United States," according to Forbes. 

CONTACT:

Whitney Davis
Whitney.Davis@marcusmillichap.com