FORT MYERS, Fla., September 11, 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 Parkway Center, a 32,647-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 $2,920,000.
James Garner, James Medefind and Jim Shiebler, 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 James Garner, James Medefind and Jim Shiebler.
Parkway Center is located at 3940 Metro Parkway in Fort Myers, Fla. The subject property is 84 percent occupied, making this a rare opportunity to add significant value by leasing up the remaining vacant space. Of the existing tenants, about half of them have occupied the center for more than five years. At just $92 per square foot, an investor can expect to realize a 12.5 percent cash-on-cash return on day one.
Parkway Center is located less than two miles east of Edison Mall, Southwest Florida's only enclosed and climate-controlled shopping mall. With over 1,000,000 square-feet of retail space, it is one of the largest shopping centers in the Fort Myers Naples area. Parkway Center benefits from substantial traffic and exposure to commuters on the Metro Parkway, which is traveled by 21,500 vehicles per day on average. Along Metro Parkway, to the south of the subject property, there is currently a construction boom underway as senior living, hotels, residential units and commercial space are all being developed.
Fort Myers is located in southwest Florida along the Gulf of Mexico. A popular tourist destination, the market receives over 1.8 million visitors each year. Fort Myers is also a significant second-home market. Residents are attracted to the area because of its convenient proximity to major cities, such as Miami and Tampa, which are both less than two hours away. Fort Myers is located in Lee county, which has a current population of over 700,000 full time residents. World-class fishing, award winning beaches, no state income taxes, and year-round beautiful weather are attracting residents and visitors to this area at record pace.