Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Regent Shoppes South, a 11,120-square foot retail property located in Saint Cloud, FL. The asset sold for $890,000.
Jonathan Gerszberg, vice president investments in Marcus & Millichap’s Miami office, along with Ray Turchi and Chris Travis, vice president investment and associate vice president investments in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property. The buyer, a private investor, was secured and represented by Nicholas Ledvora and John Graves, senior associate and associate in Marcus & Millichap’s Tampa and Orlando office.
Regent Shoppes South is located at 3272 Canoe Creek Road in Saint Cloud, FL. The subject had direct frontage to a primary area retail road and was shadow-anchored by Winn-Dixie anchored shopping center. At the time of sale, the property was 84 percent occupied with local tenants. “The excellent retail fundamentals, including signage, visibility, parking, access and frontage were the deciding factors for our client executing the deal. With current income, and a price less than $80 per square foot, our client realized the intrinsic value of the real estate and upside when repositioned.” stated Ledvora. The buyer closed all cash performing within shortened timeframes for inspection and closing within thirty days.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
