ST PETERSBURG, Fla., January 31, 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 BB&T Bank, a 4,375-square foot net-leased property located in St Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,425,000.
Jim Shiebler, James Garner 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. The buyer, a private investor, was secured and represented by Arthur D. Porosoff and Ryan T. Shaw, investment specialists in Marcus & Millichap’s Miami office.
“Executing our comprehensive marketing approach and international platform to expose the asset to the widest possible buyer pool, we generated 12 offers for the property and sold the asset for 96% of list price. We were able to attract a Miami buyer, who was performing a 1031 exchange from a land sale and negotiated a 45 day total the contract period. The cross-product type buyer appreciated the gentrification and resurgence of the submarket and we were able to prove the future value growth and upside of the area through the design of several proprietary analyses models which validated the price from a multitude of angles,” says Mr. Shiebler
BB&T Bank is perfectly positioned at the signalized intersection of 34th Street North and 1st Avenue North, directly across the street from a Walmart Supercenter. Other retailers in the immediate area include Walgreens, CVS Pharmacy, Citi Trends, Family Dollar, Church’s Chicken, Checkers, Taco Bell, Dunkin’ Donuts, KFC, Arby’s, Burger King, Advance Auto Parts, AutoZone, O’Reilly Auto Parts, Shell, and 7-Eleven. Ideally located on the hard corner of 34th Street North (U.S. Highway 19) and 1st Avenue North, which collectively expose the property to approximately 56,000 vehicles per day. U.S. Highway 19 is a dense retail corridor with high barriers to entry and is Pinellas county’s busiest north/south thoroughfare. The property lies adjacent to the Central Avenue corridor– a recent hot spot for development. Trendy new restaurants, boutique shops and breweries are drawing more and more young professionals to the immediate area. This location is also part of Historic Kenwood, a well-established, high demand and highly affluent neighborhood community. Saint Petersburg, Florida and is located in Pinellas County and is part of the Tampa Bay MSA. Pinellas County boasts the densest population in the State of Florida with over 274,000 people within a five-mile radius of the subject property. Saint Petersburg is home to the Tampa Bay Rays, an American League professional baseball team, multiple nationally recognized museums and award-winning beaches that have continuously ranked in the top 10 beaches in the world.