MIRAMAR, Fla., May 8, 2020 – 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 Wells Fargo, a 3,796-square foot net-leased property located in Miramar, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,620,000.
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 secured and represented by Aaron O'Connor, an investment specialist in Marcus & Millichap’s Fort Lauderdale office.
“This sale was truly unique. By creating a highly competitive environment with multiple buyers vying for the asset, we yielded truly incredible results for the seller as the property sold for $20,000 ABOVE list price to a 1031 exchange buyer! The Purchaser provided a non-refundable deposit Day 1 of contract and paid a price on a capitalized income which does not take effect for 1 year. Through our expert negotiations, we also ensured that the seller did not provide any rent credit for the difference and, although the purchaser paid for title insurance, the seller was the one who selected the title, escrow and closing agent for the transaction. Our team also compressed the Due Diligence period to just 7 days and negotiated and extended the closing timeline to provide the seller 5 weeks of additional cash flow. And, all of this occurred during a worldwide Pandemic when many buyers are cancelling contracts or demanding enormous price reductions!” states Mr. Shiebler.
Wells Fargo is located at 18499 Miramar Parkway in Miramar, Fla. The city of Miramar, Fla is known for its large master-planned communities, making it the ideal suburb of Broward county for young, growing families. It is a principal city in the Miami metropolitan area boasting a population of 122,041.