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| David G. Bradley |
WESLEY CHAPEL, 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 Scherer Center, a 8,050-square foot retail property located in Wesley Chapel, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,275,000.
Jim Shiebler, James Garner, James Medefind and
Evan Cannan, investment specialists in Marcus &
Millichap’s Tampa office, had the exclusive listing to market the property on
behalf of the seller, a developer.
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| Jim Shiebler |
The buyer, a partnership, was secured and represented by Jonathan Weir, an investment specialist in Marcus & Millichap’s South Bay office.
“This asset’s sale is really incredible," stated Shiebler.
"The quality of
the national tenants, the prime location and superior construction garnered a
large level of interest for the property. Our team generated 5 offers and
created a highly competitive environment.
"The ultimate buyer, a 1031 exchange buyer from
California, understood and appreciated the property drivers and the enormous
growth of the Wesley Chapel submarket.
"Through our proven process, we were able yield
a price that had a very compressed cap rate which was based on a blended income
level over the next ten years.
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| James Garner |
"This type of creative and strategic underwriting allowed our team to yield the seller a much higher price than a traditional in place income sale and is yet another example of how Medefind Retail’s use of cutting-edge sale strategies sets the standard as the consistent market retail sales leader.”
Scherer Center is located at 28385 FL-54 in Wesley
Chapel, FL. The property features brand new Class A construction with
three national tenants including AT&T, Dunkin and Heartland Dental, and is
ideally located in a burgeoning corridor of Wesley Chapel with an average daily
traffic count of over 50,000 cars per day.
Scherer Development designed, leased and built the project.
Scherer has developed 600 multifamily units and over 600,000 square feet of
commercial space in Florida, including the recently completed 8,050-square-foot
Scherer Center.
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| James Medefind |
Scherer Development LLC is a private real estate investment firm with over 20 years of experience in real estate development, entitlement acquisition and building construction.
CONTACT:
David G. Bradley
Regional Manager, Tampa
(813) 387-4700
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