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 Sweet Tomatoes, a 7,457-square-foot net-leased property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,800,000.
James Medefind and Jim Shiebler, 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 Jim Shiebler and James Medefind. The property was on market for just four weeks and the buyer performed a 1031 Exchange.
“The Marcus & Millichap national platform and unprecedented reach coupled with Medefind Retail’s local Florida active buyer relationships enabled us to generate multiple offers for the property. The buyer, a private investor, was attracted to the property due to the low operating costs and high profitability. These are a result of the self-service aspect and low food cost of the restaurant model,” says Mr. Shiebler.
“The buyer was seeking a corporate guaranteed lease with a healthy lease term. Sweet Tomatoes has nine years remaining on a recently extended 10-year lease with two, 10-year option periods. One major advantage of this property that the investor appreciated is the constant flow of business, from open to close, serving an impressive 1,000 plus customers per day. The buyer recognized that this restaurant concept and menu offerings are healthy and appeal to families and seniors – even offering early dining menu rates. Additionally, the buyer understood that the concept is perfectly suited to the demographics of the surrounding area including income, density and median age,” added Mr. Shiebler
Garden Fresh Restaurant Corporation, DBA Sweet Tomatoes, has successfully operated at this location for more than 21 years. The transaction offered an opportunity to realize rent growth year-over-year while investing in a prime Fort Myers location.
Located on Tamiami Trail in Fort Myers, also known as U.S. Highway 41, the property is in an ideal position for maximum visibility. Tamiami Trail is the main north-south thoroughfare along the west coast of Florida, connecting Naples to Tampa. The traffic counts on the thoroughfare exceed 55,000 vehicles per day; positioning this Sweet Tomatoes for long-term success in one of the nation’s fastest growing markets. Sweet Tomatoes is located at 14080 South Tamiami Trail in Fort Myers, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
