Also in Tampa, M&M closed the sale of Carmen Apartments, a 16-unit multifamily property located in Tampa, for $1.12 million. M&M associate Jason Hague, along with vice presidents of investments Nicholas Meoli and Michael Donaldson, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The trio also secured the buyer, a limited liability company.

Carmen Apartments is a 16-unit multifamily community located at 4303 West North A Street. The multifamily property sits on about .41 acres of land. M&M brought in nine offers within 48 hours of listing the apartment community.

“Due to the tremendous activity that we received, we were able to guide seven of those buyers to either at or above list price, eventually going under contract with a cash buyer in a 1031 exchange,” says Hague. “In order to keep their offer competitive, the ultimate buyer waived all inspection and financing contingencies up front and closed 15 days from the executed contract date on an all cash basis. The assignment is a true indication of how competitive the current market conditions are…”

M&M also sold Palm Beach Eye Clinic, a 3,111-square foot net-leased property located in West Palm Beach, FL, for $1.045 million. That totals $336 per square foot.

Barry M. Wolfe, first vice president investments, and Alan Lipsky, associate, had the exclusive listing to market the property on behalf of the seller, a partnership from Palm Beach. They also represented the buyer, a limited liability company from West Palm Beach, FL.

“Through our marketing process we generated nearly 15 offers from local, out-of-area and international buyers,” says Wolfe. “Ultimately the property was purchased by a local buyer. We are continuing to see a very strong interest in net leased properties. This is the fourth single tenant property in Palm Beach County that our team has sold in the recent weeks. Every asset received very strong interest and sold at an aggressive price.”

Palm Beach Eye Clinic has been in business for more than 30 years and treats thousands of patients each year. The clinic is located one-half mile from Good Samaritan Medical Center, at 130 Butler Street in West Palm Beach.

Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE. Learn more.

ORLANDO—Marcus & Millichap is running up and down the state of Florida, inking deals large and small. From Central to South Florida, the firm is closing some interesting transactions across multiple sectors, and reporting strong competition among investors.

IMF Business Park, a 70,800-square foot industrial property in Tampa, FL, traded hands. M&M associate Steven Dolinsky associate vice president of investments Luke Elliott had the exclusive listing to market the property on behalf of the seller, a private investor. The duo also secured the buyer, a private investor.

“The buyer's plans to revitalize IMF Business Park marks another step toward east Tampa's path to progress,” says Dolinsky. The park offers two, multi-tenant industrial properties located at 2502 East Wilder Avenue and 5107 North 22nd Street.

The two industrial buildings are contiguous properties with a retention area housing a third parcel included in the sale. The business park sits less than one mile from US Highway 41 and one mile from Interstate 275, both are major highways within the populous Tampa Bay area. Elliot says, “After casting a wide marketing net, the selected buyer ended up coming from out of the area, but saw the value in the Tampa Bay market.”

Also in Tampa, M&M closed the sale of Carmen Apartments, a 16-unit multifamily property located in Tampa, for $1.12 million. M&M associate Jason Hague, along with vice presidents of investments Nicholas Meoli and Michael Donaldson, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The trio also secured the buyer, a limited liability company.

Carmen Apartments is a 16-unit multifamily community located at 4303 West North A Street. The multifamily property sits on about .41 acres of land. M&M brought in nine offers within 48 hours of listing the apartment community.

“Due to the tremendous activity that we received, we were able to guide seven of those buyers to either at or above list price, eventually going under contract with a cash buyer in a 1031 exchange,” says Hague. “In order to keep their offer competitive, the ultimate buyer waived all inspection and financing contingencies up front and closed 15 days from the executed contract date on an all cash basis. The assignment is a true indication of how competitive the current market conditions are…”

M&M also sold Palm Beach Eye Clinic, a 3,111-square foot net-leased property located in West Palm Beach, FL, for $1.045 million. That totals $336 per square foot.

Barry M. Wolfe, first vice president investments, and Alan Lipsky, associate, had the exclusive listing to market the property on behalf of the seller, a partnership from Palm Beach. They also represented the buyer, a limited liability company from West Palm Beach, FL.

“Through our marketing process we generated nearly 15 offers from local, out-of-area and international buyers,” says Wolfe. “Ultimately the property was purchased by a local buyer. We are continuing to see a very strong interest in net leased properties. This is the fourth single tenant property in Palm Beach County that our team has sold in the recent weeks. Every asset received very strong interest and sold at an aggressive price.”

Palm Beach Eye Clinic has been in business for more than 30 years and treats thousands of patients each year. The clinic is located one-half mile from Good Samaritan Medical Center, at 130 Butler Street in West Palm Beach.

Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE. Learn more.