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 Market Square, a 65,688-square-foot shopping center in Fort Myers, Florida. The property sold for $13.2 million.
“We generated a total of 11 offers for the asset and ultimately selected the most capable investor that understood the various intricacies of the property and appreciated the trophy location and coveted nature of this specific trade area,” said Jim Shiebler, CCIM, CEC, first vice president investments. “The asset required a CMBS assumable loan which we were able to organize the complex transfer process by integrating a highly reputable loan assumption facilitation company to serve as the liaison throughout the process.”
Shiebler, James Medefind and James Garner, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor based in New Jersey, was also procured by Shiebler, Medefind and Garner.
Market Square is located at 13741 S. Tamiami Trail and is 1.5 miles from Florida Southwestern State College and one mile from Gulf Center Medical Center. The shopping center’s tenants include Michaels, World Market, Petco, Dollar Tree, and Barnes & Noble. Built in 2004-2006, the property is situated on the corner of U.S. 41 and Daniels Parkway and sits on a 14.89-acre lot.