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 Ruby Tuesday, a 5,423-square-foot net-leased property located in Estero, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,995,000.
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.
“Medefind and I generated multiple offers at or above list price within the first seven days of marketing the asset. The property was placed under contract within nine days of listing at above list price,” says Mr. Shiebler.
The buyer, a private investor, was also secured and represented by Shiebler and Medefind. They leveraged M&M’s national platform to reach international buyers and sourced a Canadian buyer. “The buyer’s decision to purchase the property was influenced by his understanding the growth of the Estero area as he recognized the solid residual value of the land. The buyer also appreciated the immediate frontage to very busy Corkscrew Road and was seeking properties in a growing Southwest Florida sub-market. Another advantage of the property was the below market rents for a high-quality restaurant property where the rent is replaceable,” added Mr. Shiebler.
Ruby Tuesday is located between the cities of Fort Myers and Naples, two rapidly growing areas, Estero itself is projected to experience massive growth in the coming years as these two growth fronts converge. The property is perfectly positioned among the areas three major tourist destination outdoor shopping malls, Coconut Point, Miromar Outlets and Gulf Coast Town Center. The rapidly growing Florida Gulf Coast University is just two miles away with over 16,000 students enrolled. Ruby Tuesday is located at 10081 Estero Town Commons Place in Estero, 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
