Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 59,514-square-foot office building in Clearwater, Florida that serves as the corporate headquarters for Vology Inc. The sales price is $10.15 million.
“With a new 10.5-year lease in place and more than $3.2 million in improvements completed, the property is well positioned to provide new ownership with a steady income stream over the foreseeable future,” says Douglas Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.
Mandel and Nicholas Hanson, an associate in the firm’s Orlando office, represented the seller, Ryan Companies. Mike James, senior managing director investments, and Ryan Sobel, associate, both in Marcus & Millichap’s Encino office, procured the 1031-exchange buyer.
The building is located at 15950 Bay Vista Drive in Clearwater.
Vology Inc. is a managed information technology service provider that currently monitors, manages and maintains more than 100,000 devices at over 20,000 customer locations for industries including healthcare, education and government in the United States and internationally.
Kirk Felici, first vice president and regional manager, is Marcus & Millichap’s broker of record in Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
