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 a 9,098-square foot net-leased Olive Garden property located in Jacksonville, Florida. The $2.4 million sales price equates to $263 per square foot.
“This deal attracted a lot of intention from investors seeking minimal risk and safety. The intrinsic value of the land and building is very strong due to the low rent of $12 per square foot being paid by the tenant” says Britti. “This type of deal is what everyone wants in this market. Low risk, strong tenant and excellent intrinsic value” adds Issenberg.
The asset is located across from the Regency Square Mall at 9465 Atlantic Blvd. near the intersection of Atlantic Blvd and Arlington Expressway in Jacksonville. “This is one of the most visible retail properties along Atlantic Blvd. with combined traffic counts exceeding 72,000 vehicles per day,” said Biama. The property is surrounded by approximately 1.4 million square feet of retail space including national retailers such as Target, Home Depot, Sears, JCPenney, Best Buy and Starbucks, among many others. Olive Garden has operated at this location since 1990, when the original ground lease commenced.
Ronnie Issenberg and Gabriel Britti, both vice presidents investments in Marcus & Millichap’s Miami office, and Michael Biama, a senior associate in Marcus & Millichap’s Washington DC office, had the exclusive listing to market the property on behalf of the seller, a private investor.
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
