PLACIDA, Fla., November 28, 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 Cape Haze Plaza, a 27,300-square foot retail property located in Placida, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,950,000.
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 also secured and represented by Jim Shiebler, James Garner and James Medefind.
“We generated multiple offers for the property by highlighting the extremely unique and quintessential Old Florida area that is favored as a residence and tourist destination by many of the nation’s most celebrated luminaries. Add the fact that there are over 50,000 homes under development within 10 miles of subject property and the asset made an extremely attractive investment opportunity. Our team also positioned the property as a re-development play by converting the prime car wash outparcel to the highest and best use as an Office / Retail space. We also orchestrated a compressed closing timeline of Contract to Close in just 39 days and yielded a price of over $108 sq. ft.,” says Mr. Shiebler
Cape Haze Plaza was originally built in 1988 and is 88 percent occupied with an attractive mix of destination and service-based tenants with a long, stable history. Ace Hardware, which occupies over 38 percent of the center, has been in occupancy for more than 10 years.
Cape Haze Plaza is located in an exclusive area catering to the elite Boca Grande, Gasparilla Island and Palm Island residents. The area is also a huge tourist destination which provides a captive customer base. The subject property is ideally located on the only north-south artery in Cape Haze and just one mile south of the Palm Island Ferry. Residents and tourists coming off the island encounter Cape Haze Plaza as the first inland retail offering. The limited concentration of existing strip centers and massive impact, development and permit fees for new construction in the region ensures limited competition.
Cape Haze Plaza is located at 8495 Placida Road in Placida, Fla.