$1 Million Sale of Hancock Center in North Fort Myers, FL brokered by Marcus & Millichap

NORTH FORT MYERS, 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 Hancock Center, a 10,462-square foot retail property located in North Fort Myers, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,130,000.

                    Chris Travis

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 also secured and represented by the three brokers.

“Our team sold this center for 96.2% of List Price by generating multiple offers & creating a competitive purchase environment," stated. Shiebler.

James Garner 

 "Our proven process facilitated an expeditious timeline from List to Contract in just 12 days.

"The ultimate purchaser recognized the strong core real estate fundamentals and property facts including the fact that the property was located on the main commuter artery adjacent to 72,000 average daily traffic count, positioned in a dense market with 23,000 Households and 30,000 daytime employees within 3 miles.

"We also emphasized the fact that this specific submarket has a huge level of population migration and boasts below market rents with short term leases providing the opportunity to increase income and equity position through increasing rents to market in the future.”

 James Medefind

Hancock Center is located at 3443 Hancock Bridge Parkway in North Fort Myers, Fla.  The subject property is currently 100 percent occupied, with lease expirations staggered over the next five years.

An investor can realize significant upside by gradually replacing the office tenants with retail tenants and bringing the current below market rents up to market rates.

           Offered at just $112 per square foot, Hancock Center is ideally located on Hancock Bridge Parkway, a busy commuter artery that connects Fort Myers with Cape Coral. Many residents and visitors heading to or from Cape Coral use this route to bypass the paid toll bridges. 

CONTACT:

Whitney Davis

Whitney.Davis@marcusmillichap.com

Marcus & Millichap Arranges $3.3 Million Sale of Taco Bell property in Naples, FL

Taco Bell, 8835 Davis Boulevard, Naples, FL

Jim Shiebler

 

NAPLES, 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 Taco Bell, a 2,441-square foot net-leased property located in Naples, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,300,000.

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. 

James Garner

 The buyer, a private investor, was secured and represented by Armond Aivazyan, an investment specialist in Marcus & Millichap’s Palo Alto office.

“Our team sold this asset for 99.1% of List Price and went from List to Contract in just 15 days," said Shiegler.

"Marcus & Millichap’s platform and exposure yielded a buyer from Colorado which was sourced from a Marcus & Millichap broker in California.

"This is yet another example Marcus & Millichap’s unparalleled access and exposure to the largest national investor pool and how we leverage this platform to yield the highest prices for our sellers.

James Medefind

"The ultimate purchaser recognized the strong core real estate fundamentals and property facts including that the property is ideally located adjacent to 79,000 average daily traffic count, boasts a 6.35% blended cap rate over the base term, is operated by a top 10 Taco Bell franchisee in the U.S., is ideally positioned next to McDonald’s and is surrounded by four large hotels.”

Taco Bell is located at 8835 Davis Boulevard in Naples, Fla.  The property is perfectly situated in the epicenter of this highly desirable retail and dining destination.

 In the immediate area surrounding the subject property, there are numerous retail and hotel developments under construction which ensures enhanced positioning of this property to appreciate in value in the future.

For $3,330,000, this asset provides an investor a rare opportunity to purchase a true pride of ownership asset in a highly desired and world-famous township.

Chris Travis

           Naples is a principal city of the Naples-Marco Island, Florida MSA, which has a population of 322,000+. With a convenient location in Southwest Florida, 

Naples is known for its world-class fishing and average annual temperature of 75 degrees.

 It is one of the wealthiest cities in the United States, with the second-highest proportion of millionaires per capita in the United States.

CONTACT:

Davis, Whitney 

Whitney.Davis@marcusmillichap.com