Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Village At Market Place of Lake Mary, a 69,092-square foot retail property located in Sanford, FL, according to Justin W. West, Regional Manager of the firm’s Orlando office.
Andrew Jaworski and Salim Valiani, investment specialists of Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was secured and represented by Salim Valiani, an investment specialist in Marcus & Millichap’s Orlando office. The transaction was funded and supervised by Garrett Fierstein of Marcus & Millichap in Orlando.
“The asset sold for $6,000,000 reflective of a 7.68% CAP rate. The subject property featured a large vacancy-factor with a large share of deferred maintenance allowing for a true-value add opportunity for the incoming buyer” says Jaworski
The Village At Market Place of Lake Mary is located at 3818-3848 S Orlando Dr in Sanford, FL. Anchor tenants for the property include American Freight Furniture Supply and Harbor Freight Tools, the remainder of the tenancy is classified as local business entities and mom & pop style operators.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.
