Marcus & Millichap has brokered the $1.9 million sale of a 3,784-square-foot retail property net-leased to Starbucks coffee in Clearwater. The property is located at 2577 Ulmerton Rd.
James Garner, James Medefind and Jim Shiebler of Marcus & Millichap’s Tampa office represented the seller, an individual/personal trust, in the transaction. The buyer was in a 1031 exchange.
“With just over 3 years remaining on the lease and a large building footprint, the seller recognized a unique window to transact while the asset had a high valuation. The Medefind Retail team secured a 1031 exchange buyer and successfully negotiated an exceptional price of over 97% of list price. We were able to successfully convey the strength of the location, the growth of the area and the lack of competition in the immediate market to yield such an excellent price,” said Shiebler.