LAKELAND, FL, August 3, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Take 5 Oil Change, a 1,500-square foot net-leased property located in Lakeland, FL, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,402,000.
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 limited liability company. The buyer, a private investor, was secured and represented by Jim Shiebler, James Garner and James Medefind.
“Medefind Retail’s sourcing and selling model generated 4 offers for the asset which created a top level of demand for the property and drove the price up. We ultimately identified and selected the ultimate buyer from Illinois who was in a 1031 exchange seeking a single tenant net lease asset. We expertly positioned the property to showcase the corporate guaranteed lease, the more than 10 years remaining on the guaranteed base term and that fact that the asset is ideally situated in a very desirable submarket that is exploding with growth. The seller was able to achieve his investment goals of performing a reverse 1031 exchange with a shopping center our team sold him in Sarasota, Florida earlier in the year.” stated Mr. Shiebler.
Take 5 Oil Change is located at 6059 Florida Ave S, the main retail artery through Lakeland, FL. Take 5 has been successfully operating at this location since 2010. Lakeland is located less than one hour north of the Tampa-St. Petersburg MSA and the Lakeland-Winter Haven metro area ranks 4th for overall growth in the entire nation.