Marcus & Millichaps Arranges $2.5 Million Sale of Taco Bell Property in Umatilla, FL

Debra L. Franklin

UMATILLA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Taco Bell - Umatilla, FL, a 2,079-square foot net-leased property located in Umatilla, FL, according to Ryan Nee, Regional Manager of the firm’s Miami office. The asset sold for $2,570,000.

Justin R. Sturdivant

Debra L. Franklin, First Vice President Investments in Marcus & Millichap’s Miami office and Justin R. Sturdivant, Senior Investment Associate in Marcus & Millichap’s Nashville office, had the exclusive listing to market the property on behalf of the seller, a developer.

   

“The sale of the new construction Taco Bell brought its own unique challenges," said Franklin.

"Within weeks of bringing the opportunity to the market, the investment went under contract with an exchange buyer based in NYC; however, buyer’s down leg closing, despite hard deposits, was negatively impacted by COVID-19."  

Luke Sherlock

 "The long-term NNN Lease with annual rent increases was brought back out to the market mid-pandemic.” 

Umatilla is known as the Gateway to the Ocala National Forest in northern Lake County part of central Florida and considered to be a smaller market.

The corner site out positioned the competition and continues to post strong sales performance even with mandated dining room closures, thanks to its outstanding operator and their strategic growth strategy with the #4 TACO BELL Brand according to the recently published QSR 50/2020 – “capable of irreverent stunts in the middle of the pandemic.”

Taco Bell - Umatilla, FL, 356 North Central Avenue, Umatilla, FL.

The buyer, a Florida limited liability company, was secured and represented by Luke Sherlock.

CONTACTS:

Ryan Nee

Vice President

and Regional Manager

 Miami, FL

(786) 522-7000

Ocea Huggins
Acting Operations Manager – Miami Operations Manager – Orlando and Jacksonville
Marcus & Millichap 300 South Orange Avenue Suite 700 Orlando, FL 32801 (407) 557-3840 direct (407) 557-3800 main (407) 927-0313 mobile (407) 557-3810 ocea.huggins@marcusmillichap.com

www.MarcusMillichap.com.