TAMPA, Fla., January 14, 2020 – 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 Sweet Tomatoes, a 8,523-square foot net-leased property located in Tampa, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,710,000.
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.
“Through our platform and Medefind Retail team’s extensive reach, we generated 6 offers, thus creating a competitive bidding environment and sold the property for 95% of List Price. We expertly positioned property as a redevelopment opportunity as the rents are half of current area rates and the ultimate purchaser was a 1031 Exchange Buyer. Our team also successfully negotiated for the seller a limited 3 day Due Diligence Period and to allow seller to retain the billboard rights and income through a permanent easement.” stated Mr. Shiebler.
Sweet Tomatoes is located at 1902 North Dale Mabry Highway, just 300 yards north of its junction with Interstate-275. North Dale Mabry Highway is Tampa's busiest retail and commuter artery and exposes Sweet Tomatoes to over 71,000 vehicles per day. The subject property is highly visible from Interstate-275, which is traveled by over 220,000 vehicles per day. Sweet Tomatoes is an out-parcel to a power center anchored by The Home Depot, Target, Whole Foods and Nordstrom Rack. Additionally, the subject property is located 300 yards from the massive Midtown Tampa Development Project. The 22-acre, $500MM project is currently underway and scheduled to be completed in early 2021. This development project features a new kind of urban experience with 1.8 million square feet of retail residential, three Class A office buildings, entertainment, retail and hospitality.