SAINT PETERSBURG, Fla., June 11, 2018 – 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 Take 5 Ground Lease, a 23,900-square-foot net-leased property located in Saint Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,681,633.
James Medefind, an investment specialist 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 Jim Shiebler and James Garner, investment specialists in Marcus & Millichap’s Tampa office.
“This was a new construction Take 5 Oil Change backed by a corporate guarantee and on a retail dense corridor with high barriers to entry. The buyer purchased this deal as part of a 1031 exchange and was attracted to the passive nature of the new long-term lease coupled with the potential future upside of the corridor. It has been reported that since opening, this Take 5 Oil Change location is doing very well for the region,” says Garner.
Take 5 is adjacent to Publix Supermarkets and across the street from Sam’s Club in Saint Petersburgh. U.S. Highway 19 (34th Street) is Pinellas county’s main North/South thoroughfare, and the property benefits from exposure to over 39,500 passing vehicles per day. Take 5 Ground Lease is located at 1698 34th Street North in Saint Petersburg, Florida.