Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (2024)

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Marcus & Millichap Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa

May 28, 2024

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TAMPA, Fla., May 28, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of 15,120-square-foot net-leased Walgreens in Tampa, Florida. The asset sold for $6,097,000 with $3,048,500 in balance sheet financing.

"Although only 11 years remained on the lease, we received multiple offers, reiterating the continued strong demand for Florida net lease drug stores," said Ronnie Issenberg, senior managing director. "We were able to source favorable financing to assist the purchaser in their closing," added Gabriel Britti, senior managing director. "This was truly a collaborative effort, in which we partnered with Chris Marks and MMCC to secure the financing required and partnered with Evan Kristol and his team to assist their 1031 client, a multi-family investor looking to transition into a net-lease passive investment. All in all, we were able to achieve our client's respective goals." mentioned Ricardo Esteves, First Vice President.

Issenberg, Britti and Esteves, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, CP Thunder FS LLC. Evan Kristol and Felipe Echarte, investment specialists in Marcus & Millichap's Fort Lauderdale office procured the buyer, JJR Apartments LLC. Chris Marks, senior managing director in MMCC's Manhattan office secured the 5-year loan with 6.5% interest followed by 30-year amortization.

"Echarte and I previously sold the buyer's 48-unit apartment building and then enlisted the expertise of Esteves, Britti, and Issenberg to facilitate a 1031 exchange into a Walgreens property in Tampa," said Evan Kristol, executive managing director of investments.

The Walgreens is located at 4141 W Hillsborough Ave., situated at the signalized intersection of West Hillsborough Avenue and North Dale Mabry Highway, in a retail-dense corridor with national retailers nearby, including Dunkin', TD Bank, and Dollar Tree. Tampa International Airport is six miles away.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

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Marcus & Millichap Inc. published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2024 00:02:07 UTC.

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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.

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2024-08-01 - Q2 2024 Earnings Release (Projected)

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Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa

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