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 Take 5 Oil Change, a 2,340-square foot net-leased property located in Plant City, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,659,400.
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 James Garner, Jim Shiebler and James Medefind and referred by Cameron S. Barbas, investment specialists in Marcus & Millichap’s Tampa office.
“Our team generated multiple offers for the property which created competition and ensured the seller yielded the highest price and best terms from the most probable buyer. The seller benefitted from an unparalleled commitment by the Medefind Retail team to research, farm, identify, sell, negotiate and secure the absolute best buyer through our proven process. Our team also represented the buyer who performed a 1031 exchange after selling his apartment complex in Tampa through our multi-family team. The buyer was attracted to the successful 30+ year operating history, the strong sales of the location and the built-in customer base from the abundance of agricultural companies in the immediate submarket” says Mr. Shiebler.
This absolute triple-net lease is backed by a corporate guarantee from Take 5 Properties SPV, LLC, which operates over 218+ locations in several states across the country. Built in 1996, the property lies on busy Charles Avenue with easy ingress and egress for traffic traveling north and south.
Take 5 Oil Change was voted the Fastest Growing Automotive Service Company in 2017 and is revolutionizing the oil change industry.
Plant City is part of the Tampa MSA which encompasses four counties along the west coast of Florida. Tampa Bay offers a large employment center with low cost of living both in the city and the suburbs like Plant City. Offering many economic development incentives, the Tampa MSA is seeing an increase in thriving business, including high tech, seaborne and commerce industries to drive the local economy. Take 5 Oil Change is located at 1502 Charles Avenue in Plant City, Fla.
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 over 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
