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 Pizza Hut, a 2,520-square foot net-leased property located in Naples, FL according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,009,000.
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. Pizza Hut is located at 3010 Tamiami Trail East in Naples, FL. James and Jim generated multiple offers for the property within just two weeks of being on the market. The property sold for 98 percent of list price.
Demonstrating Marcus & Millichap’s international reach, the buyer was sourced from the Netherlands. The investor has targeted the Naples submarket for commercial investment properties and is expanding their Southwest Florida portfolio. The investor selected the property for the irreplaceable Naples real estate with frontage on U.S. Route 41. The buyer is also pleased with the large annual rent increases and the fact that it is operated by the nation’s largest franchisee.
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