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Marcus & Millichap Arranges the Sale of a 5,871-Square-Foot Net-Leased Property

SAINT PETERSBURG, Fla., May 13, 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 Squeeky's Car Wash, a 5,871-square foot net-leased property located in Saint Petersburg, FL, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,550,000.

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.

Squeeky's Car Wash is located at 3264 Tyrone Boulevard North in Saint Petersburg, Fla. The property is strategically located at the corner of Tyrone Boulevard North and 75th Street North, and benefits from heavy traffic along one of Saint Petersburg's busiest east-west thoroughfares.

Tyrone Boulevard is the main retail corridor in Saint Petersburg and is one of the city's busiest roads, seeing over 34,000 vehicles per day. Tyrone Boulevard North is also a popular route for Tampa Bay residents heading to the unbelievable beaches of Florida's Gulf Coast. The property sits just one mile from Tyrone Square Mall, which recently underwent a brand new development adding Lucky's Market organic grocery store and a Dick's Sporting Goods. Newly renovated movie theater Cobb Theaters-Tyrone Luxury 10 serves as an outparcel to Tyrone Square Mall, with frontage on Tyrone Boulevard North.

“Pinellas County, being the densest county in Florida, has been home to some of the most successful express car washes in the State. That made this asset an attractive purchase for real estate investors across various sectors. Throughout our marketing period we secured 5 offers, from both local and out of state buyers. Ultimately, the seller moved forward with a buyer who was able to secure financing and close in less than 40 days,” said James Garner, the lead agent on the deal.

Saint Petersburg is the largest city in Pinellas County with a population of over 260,000 residents. Saint Petersburg is also just 20 minutes west of the city of Tampa which is home to over 377,000 residents. The average household income within a three-mile radius of the property is $56,873 and the median age is 46.5 years, which are ideal demographics for Squeeky's Car Wash. This property also benefits from traffic to and from the University of South Florida, Saint Petersburg, Tropicana Field and downtown Saint Petersburg's world-class museums, retail, business district and waterfront park.

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