FORT MYERS, Fla., August 21, 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 PDQ, a 4,295-square foot net-leased property located in Fort Myers, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,950,000.
James Garner, Jim Shiebler 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.
“Marcus & Millichap’s expansive reach to North America’s largest buyer pool ensured that our process yielded the highest strike price for the asset. Our Medefind Retail team generated multiple offers for the property within a very short period of time giving the seller the leverage to hold firm on asking price. Our team sourced and secured the buyer and negotiated an agreement within two weeks of listing. Ultimately, through the power of creating and leveraging competition for the seller, the property sold for 97% of list price” stated Mr. Shiebler.
Built in 2015, the building is in pristine condition and has been impeccably maintained by PDQ. PDQ has approximately 12 years remaining on their triple-net lease with eight, five-year option periods.
PDQ (People Dedicated to Quality) is a very successful and rapidly growing fast casual chain based in Tampa, Fla., that specializes in fresh chicken tenders, salads and sandwiches. There are currently 70 locations across the United States with plans to open several more in 2018.
The property lies on busy Cleveland Avenue (U.S. Highway 41) with easy ingress/egress and a daily average traffic count of 58,000 cars. PDQ caters to local residents and businesses with an average household income of $57,309 within a one-mile radius of the subject property.
Fort Myers, Fla., is located in Lee County, which leads the nation in migration sub-markets, allowing an investor to capitalize on the future growth of the surrounding area. PDQ is located at 12499 South Cleveland Avenue in Fort Myers, Fla.