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 Amscot Ground Lease, a 3,010-square foot net-leased property located in Orlando, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,390,000.
James Garner, Jim Shiebler 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.
“This was a unique deal as it was originally a Donato’s Ground Lease, but when Donato’s Pizza pulled out of Florida markets, the property was sub-leased to Amscot. Although it had a short-term lease, our team generated 5 offers for the property, many within the first week of our comprehensive marketing process. This created competition, which is the value proposition Marcus & Millichap is known for, and ensured the seller yielded the highest price at 99% of list price and the best terms from the most probable buyer. Our team also represented the buyer who performed a 1031 exchange after selling his apartment complex in Tampa through our multi-family team. This process is a routine example of our interoffice teamwork through the sourcing of a cross product type buyer and providing a seamless pathway from his sale into his upleg exchange purchase.” says Mr. Garner.
Amscot is positioned on Lake Underhill Road with easy ingress/egress. Lake Underhill Road has an average daily traffic count of 25,500 vehicles per day. Built in 2002, the subject property, an outparcel to a 138,000-square-foot Lowes, is ideally located in close proximity to three large shopping centers.
Located in Central Florida, Orlando has a population of approximately 2.4 million people according to the 2016 U.S. Census Bureau figures, making it the third largest MSA in Florida. Orlando is nicknamed "The Beautiful City" and is also known as the theme park capital of the world. Walt Disney World, the Universal Orlando Resort and Sea World, in addition to many other local attractions brought over 68 million visitors to Orlando in 2016. Amscot Ground Lease is located at 12240 Lake Underhill Road in Orlando, 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
