Marcus & Millichap Sells 1,425-SF Single-Tenant Net-Leased Building in Pinellas Park, FL

PINELLAS PARK, FL, February 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Church's Chicken Corporate Store (top left photo),  a 1,425-square foot single-tenant net-leased property located in Pinellas Park, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $615,000.

Ron Schultz (middle right photo) investment specialist and John E. Brigel, (bottom left photo) senior investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a private investor, was secured and represented by Paul A. Bitonti, vice president investments and Brenton J. Baskin, investment specialist in the firm’s Newport Beach office.

“Using the Marcus & Millichap national platform, we were able to bring the highest price and best terms to the closing table for the seller” said Schultz.

“The seller originally built and operated this location which he transitioned into a corporate training store. Shortly before the expiration of the original 20-year lease term, we assisted the seller in negotiating a new lease structure with Church’s Chicken Corporation as a new guarantor.

"With this new lease in place, the seller exclusively listed the property with us and we were able to plug in a buyer from California through another Marcus & Millichap broker in our Newport Beach office” added Schultz.

 “Because of Marcus & Millichap’s national, regional, and local cooperation, we attained the highest price, best terms and fastest closing for the seller, despite the current temperature of the economy and perceived reluctance in the market. The seller is now retired and enjoying the results of this transaction

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 264-Room Hotel in Altamonte Springs, FL

ALTAMONTE SPRINGS, FL, Jan.  26, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clarion Inn and Suites, (top left photo)  a 264-room hotel located in Altamonte Springs, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $6,200,000.

Jaimin P. Patel, a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Mr. Patel.

Clarion Inn and Suites is located at 230 West State Road 436.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells $20.5M Senior Manufactured Housing Community in Florida

HUDSON, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Club Wildwood MHP (top left photo) , a 478-space senior manufactured housing community in Hudson.

The sales price of $20.5 million represents $42,887 per space.

Dan Mulkey, a vice president investments in the firm’s Tampa office, represented the buyer, Arizona-based National Home Communities (NHC) LLC.

“Club Wildwood’s 478 sites place it in the top 5 percent of Florida’s largest manufactured seniors housing communities,” says Mulkey. “Due to its size and high quality, the property was highly sought after by investors. Charles Ellis of NHC’s keen eye for opportunity gave him the edge when it came time to negotiate the transaction,” adds Mulkey.

The property is located on Florida’s west coast just north of Clearwater/St. Petersburg in Hudson at 770 Parkway Blvd.

Club Wildwood was developed between 1974 and 1979. The park features 474 doublewide and four singlewide coaches. Community amenities include a large clubhouse, swimming pool, bocce ball and shuffleboard courts.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells 30-Unit Apartment Building in Tampa, FL

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oakmont Apartments, (top left photo)  a 30-unit apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,800,000.

Francesco P. Carriera (middle right photo)  and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

 Michael Harris, an associate with Marcus & Millichap's Special Assets Services division assisted Carriera and Meoli in the transaction. The buyer, a limited liability company, was also secured and represented by Carriera and Meoli.

“The property received a tremendous amount of interest due to its location in South Tampa, also because it was a failed condo conversion owned by former NFL quarterback Bernie Kosar (bottom left photo)  that had been foreclosed upon”, stated Carriera.

“We received over 100 interested parties and generated 29 offers in only five weeks. The bank offered seller financing for a qualified buyer and selected a current local market owner who took advantage of the seller financing in order to add this REO asset to his portfolio.”

“The bank presented the buyer with favorable terms on the loan because he was very well qualified. They also were attracted to this buyer because of his plan to invest money in exterior improvement, including Oakmont’s landscaping and its courtyard.

" However, the buyer’s initial 60-day plan is to lease up the property as it was only 50 percent occupied at the time of sale. The South Tampa rental market is still holding strong, averaging approximately 92 percent and the buyer had several leases signed prior to closing” added Carriera.

Oakmont Apartments is located at 3215 West Swann Avenue.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 2,365 SF Single-Tenant Net-Leased Building in Huntsville, AL.

HUNTSVILLE, AL-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Popeyes, a 2,365-square foot single-tenant net-leased property located in Huntsville, Alabama, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,110,000.

John E Brigel,  (top right photo) Senior Associate in Marcus & Millichap’s Tampa office and Edwin Greenhalgh, the firm’s Alabama Broker and investment specialist in the firm’s Birmingham, Alabama office had the exclusive listing to market the property on behalf of the seller, a partnership.

“This was an excellent transaction for both buyer and seller. The buyer was able to acquire a ‘Top 1% Performer’ out of 1,559 stores nationwide and I was able to obtain an excellent price for the franchisee—a win/win of the first order”, states Brigel.

Popeyes is located at 3820 University Drive North West in high-growth Huntsville, Alabama.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 117-Room Hotel in Titusville, FL

 TITUSVILLE, FL, Nov. 18, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Comfort Inn,  (top left photo) a 117-room hotel property located in Titusville, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,000,000.

Jaimin P. Patel, a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

Comfort Inn is located at 3655 Cheney Highway. This is a 117-room hotel built in 1974, located just off I-95 and situated just eight miles from NASA and Cocoa Beach. Comfort Inn is the largest Choice Hotels brand and one of the leading mid-scale, limited-service chains in the world.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
 

Marcus & Millichap Sells an 83-Unit Apartment Building in Tampa, Fl

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tampa Heights Apartments, an 83-unit apartment property located in Tampa, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $3,000,000.

Michael P. Regan, (top right photo)  a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 “In a rental market that has declining rents and rising concessions; the stability that a Project-Based Section 8 asset offers is unmatched. Investor demand for this property was high. Within four weeks of marketing the property, we had twelve offers from qualified investors,” says Regan.

The buyer, a limited liability company, was secured and represented by Francesco P. Carriera, (middle left photo) an Investment Specialist in the firm’s Tampa office. “This is the buyer’s second acquisition in the Tampa Bay area, states Carriera. “He will be doing some major exterior renovations in the near future and over the long term will renovate each unit individually, as-needed.”

“We were able to complete the loan approval of 80 percent and the HUD approvals within 30 and 90 days respectively” added Carriera.

Tampa Heights Apartments is located at 4817 Temple Heights.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 5,336-SF, Class “A” Office Building In Clearwater, FL

CLEARWATER, FL, Nov.  12, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 2040 NE Coachman Road, (top left photo)  a 5,336-square foot office building located in Clearwater FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $750,000.

Dominique R. Boulette, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The property is located at 2040 NE Coachman Road in Clearwater, Florida and was purchased by Trinity Medical Investments, LLC.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Hires Bill Renje and Casey Babb as Senior Associates in Tampa Office

 
TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Bill Renje and Casey Babb, (top right photo)  two leading multifamily investment specialists in its Tampa office, according to Bryn Merrey, (bottom left photo) regional manager of the firm’s Tampa office.

“We are excited to welcome Bill and Casey to the firm,” says Merrey. “Their experience, in-depth knowledge of the Tampa Bay and Gulf Coast apartment markets and their dedication to providing institutional and private investor clients with superior transaction and advisory services will further enhance our presence in the Tampa Bay area and throughout Florida.”

Renje and Babb, both Certified Commercial Investment Members (CCIM), bring a combined 15 years of investment brokerage experience to the firm and will continue to focus on representing sellers in the disposition of multifamily properties in Tampa Bay and throughout the Gulf Coast region.

Renje is a two-time Olympic gold medalist for the U.S. wheelchair rugby team and holds a bachelor’s and a master’s degree from the University of Illinois.

Babb graduated from Florida State University with bachelor’s degrees in real estate and finance. He is a member of the Florida Gulfcoast Commercial Association of Realtors, the Urban Land Institute and the National Multi Housing Council.

Prior to joining Marcus & Millichap, both Renje and Babb were multifamily investment specialists with NAI Tampa Bay.

 Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells 25,088-SF Office Building in Tampa, FL

TAMPA, FL, November 3, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Palms Center (top left photo), a 25,088-square foot office property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,700,000.
Michael J. Jaworski, (bottom right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured by Michael Jaworski.

Palms Center is situated at 15043 Bruce B. Downs Boulevard, a superb location with significant frontage on a major divided road. “The property has long term leases and a great tenant history”, says Jaworski. “The price was approximately $125 per rentable square foot on the two buildings”.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Names Travis Prince Senior Associate in Tampa Office

TAMPA, FL, October 12, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Travis Prince (top left photo) a Senior Associate in the firm’s Tampa office, according to Bryn D. Merrey, (bottom right photo) Regional Manager of the Tampa office.

“Travis has extensive experience in commercial real estate as an investment specialist and as a member of the firm’s National Multi Housing Group,” states Merrey. In 2006 he teamed up with Dorothy Jackman and has been instrumental in helping to run the firm’s student housing division.

“By understanding the challenges and choices that his clients encounter, Travis is able to help formulate a strategy for maximizing value and mitigating risk,” added Merrey.

Prince joined Marcus & Millichap in August 2006, and was promoted to Associate in July 2007. In 2008 he was a recipient of the company’s Sales Recognition Award.

Prince currently holds real estate licenses in both Florida and North Carolina and is also a member of the National Multi Housing Council.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells Parcel of Land in Bradenton, FL

ST. PETERSBURG, FL, September 22, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a one-acre parcel of land located in Bradenton, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $287,500.

Michael J. Jaworski, (top left  photo) an investment specialist in Marcus & Millichap’s Tampa office secured the buyer, a Pinellas County developer.

The property is located at 8605 East SR 70 in Bradenton, Florida. “This land was owned by the FDIC and was a former Freedom Bank asset” noted Jaworski. “This is one example of the growing pipeline of distressed assets from banks that have failed”, added Jaworski.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 51-Acre, Multi-Family Development Site in North Port, FL

NORTH PORT, FL, September 9, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Largo Preserve, (centered photo below) a 51.86 acre multi-family development site located in North Port, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,900,000.


Paul Bouldin, ( bottom left photo) Senior Associate, spearheaded the effort with Dorothy Jackman, (top right photo)  Vice President Investments and Michael Harris, Investment Associate in Marcus & Millichap’s Tampa office.

As part of Marcus & Millichap’s Special Assets Services division, focused on lender-controlled commercial real estate assets, together they were exclusively engaged to market the property on behalf of the seller, a financial institution. The buyer, a department of the county government, was secured and represented by Paul Bouldin.

Largo Preserve is located at 1416 Passover Street in North Port, Florida.

“We have been very successful in assisting a number of lenders with their distressed assets," Bouldin said. "Our reputation with lenders across Florida has grown, along with our pool of buyers seeking these types of opportunities.

"Marcus & Millichap’s unique platform is providing ways to clear transactions where others have been unable to bridge the gap between bids and asking prices. Largo Preserve was a failed 480-lot town home community taken back by the lending bank. The county government unit that bought the property plans to retain it for future uses."

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 24-Unit Apartment Building in Tampa, FL

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of La Hacienda Apartments, (bottom left photo) a 24-unit apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $500,000.

Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of Marcus & Millichap’s Ft. Lauderdale office and Francesco Carriera, (top right photo) an Investment Specialist in the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

The buyer, a limited liability company, was secured and represented by Francesco Carriera and Nick Meoli, Investment Specialists in the firm’s Tampa office.

“This lender-owned property was approximately 50 percent occupied and had significant deferred maintenance. Several units had missing appliances and needed renovation in order for them to be rent-ready. There were multiple offers on the offering, several of which were in an all-cash position” states Carriera.

“The property sold to a local buyer who was looking for an add value opportunity to add to his portfolio. After several weeks of marketing and a best and final request, the best bidder agreed to pay $500,000 in cash and put up a $75,000 non-refundable deposit with an executed contract.

The buyer closed on the property within 30 days from the effective date” added Carriera.

La Hacienda Apartments is a 24-unit apartment community located at 1503-1515 East 140th Avenue in Tampa, Florida.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Marcus & Millichap Sells 21 Waterfront Single-Family Lots in Englewood, FL

ENGLEWOOD, FL, July 14, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Mariner’s Landing, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset sold within sixty days at a sales price of $1,900,000.

Paul K. Bouldin, (top left photo) Senior Associate and Michael Harris Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

Cooperating brokers in the transaction included Pam Hitt, with Exit Realty and John Weiss with Michael Saunders Realty, both of Sarasota.

Mariner’s Landing is located at 1500 New Point Comfort Road in Englewood, Florida.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Industrial Investors Look for Signs of Economic Rebound in Tampa

TAMPA, FL— The economic downturn will persist this year and drive down demand for industrial space in Tampa, according to the Midyear 2009 National Industrial Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

With the market already recording considerable job losses, and with further cuts expected, local property owners continue to search for signs of an easing in the downturn.

Also included in the report is the firm’s Midyear National Industrial Index (NII), a snapshot analysis that ranks 28 industrial markets based on a series of forward-looking supply and demand indicators. Tampa moves down one place this year to No. 24.

“During the last year, the median price of properties sold in the market fell 7 percent to $66 per square foot.,” says Bryn Merrey, (top right photo) regional manager of the firm’s Tampa office.

Following are some of the most significant aspects of the Tampa Industrial Research Report:

· In 2009, employers will eliminate 50,000 jobs, a 4.2 percent decrease. More than 46,000 positions were lost last year.

· Completions will fall to 350,000 square feet of competitive space this year from 3.1 million square feet in 2008. Also, 950,000 square feet of owner-occupied space is slated to come online.

· The vacancy rate has risen thus far in 2009 and is on course to finish the year at 11.8 percent, an increase of 210 basis points from year-end 2008. Negative net absorption of 3.1 million square feet will be recorded.

· Asking rents are forecast to decrease 7 percent to $5.56 per square foot this year,

Orange County moved up five spots to No.1 in this year’s Midyear NII, driven by a significant decline in new construction.

Last year’s leader, Los Angeles, fell to No. 2 on waning imports from Asia. Seattle held steady at No. 3 as limited construction activity will keep vacancy largely in check. Houston, ranked at No. 4, dropped two spots in the index due to the nation’s largest forecast inventory increase.

Denver rose two positions to No. 5 as expanding alternative energy companies should support fundamentals in the metro, despite the lingering recession.

For a copy of Marcus & Millichap’s Midyear National Industrial Report and the complete NII rankings, visit www.MarcusMillichap.com.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Fifth Third Bank in Altamonte Springs, FL Sells for $2.625M

ALTAMONTE SPRINGS, FL, July 1, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fifth Third Bank, (top right photo) a 4,629-square foot single-tenant net-leased property located in Altamonte Springs, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,625,000.

John E. Brigel, (bottom left photo) Senior Associate and Ronald Schultz, Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property

on behalf of the seller, (tenants in common).

The buyer, a limited liability company, was also secured and represented by Brigel and Schultz.

This ground lease opportunity with Fifth Third Bank is positioned in the geographic heart of central Florida. Fifth Third Bank is located at 795 Gateway Drive.

“Ron and I represented the seller who was located in California. The property is in Orlando and we procured the buyer, who was in Albany, New York”.

“It was a relatively complex deal as it is a ‘to-be-built Fifth Third branch’ on an existing restaurant pad site. Environmental concerns, plan approvals and current economic instability made for a very interesting process with lots of moving parts to be wrangled in. All parties are quite excited about getting this deal done,” states Brigel.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Retail Vacancy to Rise in Tampa as Spending Slows

TAMPA, FL — In the Tampa market, new space coming online amid a reduction in demand raised the vacancy rate to more than 8 percent in the first quarter, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Further increases in vacancy are expected through the rest of 2009, as declining employment is forecast to reduce retail spending 11 percent, resulting in additional store closures.


“In the investment arena, only a few deals have been transacted this year,” says Bryn Merrey, (top right photo) regional manager of the Tampa office of Marcus & Millichap. “With investors looking for distressed properties at discounted prices, there appears to be little interest in stabilized assets with solid tenants, and little inclination to sell.”

Following are some of the most significant aspects of the Tampa Retail Research Report:

· An additional 50,000 jobs will be eliminated in 2009, following the loss of 46,400 positions last year. Job cuts this year will reduce total employment by 4.2 percent.

· Builders will deliver 1 million square feet of space in the market in 2009, including a 353,000-square foot IKEA in east Tampa. Last year, 3.6 million square feet was put into service.

· An expected reduction in retail spending will lead to more store closures and halt expansion by other merchants, increasing vacancy 250 basis points to 10.3 percent this year. Negative net absorption of 2.5 million square feet will be recorded. The vacancy rate rose 140 basis points in 2008.

· A decline in consumer spending will reduce space demand, resulting in a 6.3 percent drop in asking rents to $14.39 per square foot. Effective rents will post an 8.4 percent decrease to $12.52 per square foot in 2009.

For a copy of the complete Tampa Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department(925) 953-1716

Marcus & Millichap Sells 4,152-SF Single-Tenant Net-Leased Building in Sarasota, FL

SARASOTA, FL, June 5, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Valley National Gas, (bottom left photo) a 4,152 square-foot single-tenant net-leased property located in Sarasota, Florida, according to Bryn D. Merrey, (top right photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $330,000.

Michael Jaworski, (middle right photo) an investment specialist 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 partnership, was secured and represented by Ronald Schultz, an investment specialist in Marcus & Millichap’s Tampa office.

The tenant was recently purchased by Matheson Tri-Gas, a subsidiary of Japan-based Taiyo Nippon Sanso Group.

“This greatly improved the credit of the existing tenant and made the deal extremely attractive to the buyer”, states Jaworski.

This free-standing, single-tenant, triple-net leased industrial property was built in 1982 and is located at 6671 15th Street East in Sarasota, Florida. Valley National Gas has been in business for over 50 years and operates in 18 states with 90 locations.

Press Contact: Bryn D. MerreyRegional Manager, Tampa(813) 387-4700

Marcus & Millichap Sells Six-Unit Apartment Complex in Clearwater, FL

CLEARWATER, FL, May 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lotus Path Apartments, (top right photo) a six-unit, 3,807-square foot apartment complex located in Clearwater, Fla, according to Bryn Merrey, (bottom left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $140,000.

Francesco Carriera, an Investment Specialist in Marcus & Millichap’s Tampa office, Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of the Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller.

“Multiple offers were made on this investment; however we were able to uncover the highest bidder who made an all-cash, hard day-one offer. The property closed quickly, within 48 hours of a fully executed purchase agreement,” states Carriera.

Lotus Path Apartments is located at 811 Lotus Path in Clearwater, Fla.

Press Contact: Bryn Merrey, Regional Manager, Tampa, (813) 387-4700