FORT MYERS, Fla., January 7, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Morse Shores, a 170,811-square foot retail property located in Fort Myers, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $11,300,000.
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 private investor. The buyer, a private investor, was represented by James Medefind.
“We had a substantial amount of interest on Morse Shores from a wide variety of investors. Private investors, institutional investors, and several private equity funds submitted offers. In total, we had 15 offers as a result of our extensive marketing campaign. With so many offers, the Seller was able to leverage our proven marketing process to maximize the value of their investment and ensure a highly probable closing,” says Mr. Medefind.
Morse Shores is currently 96 percent occupied and anchored by Big Lots, Citi Trends and Save-A-Lot. Big Lots has been in occupancy for almost 25 years and expanded their footprint by more than 17,000 square feet upon renewing their lease in 2015.
Morse Shores is ideally located on Palm Beach Boulevard which is the main east-west thoroughfare connecting downtown Fort Myers to Interstate 75. Within close proximity to the property are multiple national restaurant chains, service stations and residences. North Trail RV, one of the largest recreational vehicle dealerships in the United States, is located across the street from the property and is undergoing a major expansion of their dealership and service department which attracts visitors and recreational vehicles from across the United States.
Fort Myers, Florida is located in southwest Florida along the Gulf of Mexico. Residents and tourists are attracted to Fort Myers because of its convenient proximity to major cities, such as Miami and Tampa, which are less than two hours away. Fort Myers is located in Lee county, which has a current population of over 700,000 full time residents, world-class fishing, award winning beaches, no state income taxes and year-round beautiful weather are attracting residents and visitors to this area at record pace.
Morse Shores is located at 4901 Palm Beach Blvd in Fort Myers, Fla.