BRADENTON, Fla., 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 Sarabay Plaza, a 37,601-square foot retail property located in Bradenton, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,400,000.
Jim Shiebler, James Garner and James Medefind and, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was also secured and represented by James Medefind, Jim Shiebler and James Garner.
“Our proven marketing process yielded 7 offers for the property creating a high level of competition and resulted in delivering the highest price for the seller. We crafted and conveyed a very compelling story about untapped rent growth, consistent population increase and corporate credit tenants migrating to and building in the immediate submarket. The seller was able to reach his individual investment objectives of eliminating the majority of debt through the price we yielded for the asset. Our transaction timeline was mirrored by the Pandemic and the woes and enormous negative impact that Covid 19 has on shopping centers, particularly service-based tenants. We implemented and utilized a variety of creative strategies to mitigate and overcome a number of challenges to ultimately deliver on the promises we made to the seller”, stated Mr. Shiebler.
Sarabay Plaza is located at 6513 14th Street West in Bradenton, Fla. The property is located on the main North/South thoroughfare through Bradenton, US-41, which sees 47,500 vehicles per day. Bradenton is an extremely dense residential area with a 163,000 population within 5-miles.