PALMETTO, 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 Palm Plaza I, a 9,610-square foot retail property located in Palmetto, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,194,500.
James Medefind, James Garner 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 secured and represented by James Medefind, James Garner and Jim Shiebler.
Palm Plaza I is located at 1035 Hasko Road in Palmetto, Fla. The building is currently 91 percent occupied by an attractive mix of ecommerce- proof tenants. Best Dry Cleaners, a major tenant, has occupied the center for more than 10 years. Staggered lease expirations and built-in annual rent increases provide an investor with a fully stabilized investment.
Palm Plaza I is ideally located at the highly desirable intersection of Palmettos major North- South and East-West thoroughfares, US-41 and US-301. Each highway has average daily traffic counts of 42,000 and 37,000 vehicles per day, respectively. The centers ingress/egress allows for easy access between US-301, Walmart Supercenter, and the subject property. The property is also conveniently located just five minutes from Interstate 75 and the Ellenton Premium Outlets.
Palmetto is located along the Gulf of Mexico and is part of the North Port-Sarasota-Bradenton MSA. Located approximately 50 miles south of Tampa, the metropolitan area is one of the fastest growing in the country. Palmetto is a popular destination for residents and tourists alike because of its cultural and environmental amenities, beach resorts and world class fishing.