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 Harmony Plaza, a 82,820-square-foot shopping center in Port Richey, Florida. The 5.97-acre property sold for $7.65 million.
"This deal was all about fundamentals," said James Medefind, senior vice president investments. "Commercial real estate is resetting, and there is a long overdue return to fundamentals. Harmony Plaza checked all those boxes: located on a lighted intersection with huge traffic counts, stable long-term tenant roster, upside in the form of one large vacancy, low price per square foot, and in the path of growth in one of the most in-demand, dynamic markets in the entire country. The market response was robust, and ultimately, the quality of the asset allowed us to close despite the turbulence in the debt markets."
Medefind, Jim Shiebler, James Garner, and Jonathan Gerszberg, investment specialists in Marcus & Millichap's Tampa and Fort Lauderdale offices, had the exclusive listing to market the property on behalf of the seller, a California-based private investor. A private investor purchased the property.
Harmony Plaza is located at 11932 U.S. Highway 19 and on the corner of State Road 52. Built in 1973, the property is surrounded by national retailers and is 45 minutes from central Tampa. At the time of the sale, the shopping center was 87 percent occupied.