Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lockwood Village Plaza, a 28,838-square foot retail property located in Sarasota, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,950,000.

James Medefind 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 Matthew Shapiro and Matt Fotis, investment specialists in Marcus & Millichap’s Manhattan office.

“The sale of Lockwood Village Plaza is a prime example of our ability to access capital from outside of the local market,” says Medefind. Medefind went on to explain how he was able to generate five offers within the short marketing period.

“Ultimately, we secured an exchange buyer out of New York City who was looking to invest in the Florida market. Our platform of collaboration between our offices throughout the country was instrumental in delivering superior results for our client,” added Medefind.

Lockwood Village Plaza is located at 7602 Lockwood Ridge Road in Sarasota, 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 over 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