FORT MYERS, Fla., November 7, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Starbucks Chipotle, a 4,319-square foot retail property located in Fort Myers, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,250,000.
Jim Shiebler, James Garner, 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.
“Medefind Retail’s proven process of generating multiple offers and creating and harnessing competition yielded 99% of list price for the asset. The property transitioned from Listing to Contract in just 8 days by yielding a Miami buyer who appreciated the high level of corporate credit and exceptional location drivers.” stated Mr. Shiebler.
Starbucks Chipotle is located at 10010 University Plaza Drive in Fort Myers, Fla. Both leases for this two-tenant trophy asset have almost four years remaining on the original 10-year leases and are both corporate guaranteed. Starbucks and Chipotle have over 30,000 and 2,500 locations around the world, respectively, and both have received AA credit ratings from Standard & Poors, making this asset an incredibly stable investment.