TAMPA, Fla., Dec. 10, 2021 – 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 Pilot Bank, a 6,416-square-feet net-leased property located in Tampa, Florida. According to David G. Bradley, regional manager of the firm’s Tampa office, the asset sold for $5,400,000.
Reid Thedford, James Garner, James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property was purchased by a California investor selling out of apartments on the west coast and looking for a stable, long-term, passive investment in an income tax-free state.
“Our team worked in conjunction with the previous owner and a developer to structure this deal that added significant value before bringing it to market. With Reid Thedford’s expert insight on bank sector assets and our team’s track record in the net-leased space, we helped facilitate this opportunity across all angles. This particular location has a long, successful operating history with bank deposits that rival most any bank in the entire State of Florida. Our platform allowed us to source multiple offers, and ultimately, we were able to secure a very aggressive cap rate in collaboration with an outside broker,” said James Garner, CCIM.
Pilot Bank is located at 5140 E Fowler Ave in Tampa, Florida. Originally built in 1973, with additions in 1995, the Temple Terrace location underwent significant capital improvements in 2021 that included a brand-new roof, HVAC, and parking lot totaling more than $300,000. Situated directly across the street from a Publix-anchored shopping center and less than 1 mile from the University of South Florida, the bank benefits from high traffic along the major retail corridor of Fowler Avenue.