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.
"Our
proven process facilitated an expeditious timeline from List to Contract in
just 12 days.
 |
| James Garner |
"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.”
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.
 |
| James Medefind |
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.
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
Whitney.Davis@marcusmillichap.com
