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 a Mattress Firm in St. Petersburg, FL. According to Ari Ravi, regional manager of the firm’s Tampa office, the asset is a 5,010-square foot retail property and sold for $1,050,000.
James Medefind, James Garner, Dana Speer, Gabriel Britti and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Tampa and Miami offices had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Located a short 10 minute drive east of downtown Tampa, the property is at an intersection that sees more than 40,000 vehicles per day. “Benefitting from the 264,000 residents of St. Petersburg, and being that Mattress Firm has the largest geographic footprint in the United States among mattress specialty retailers, makes this an attractive buy for investors because of the guaranteed foot traffic” said Gabriel Britti. The Mattress Firm is located at 3995 Tyrone Blvd N in Saint Petersburg, FL. The multi-tenant deal included 1,490 square feet of vacant space providing upside for the new buyer. “With access to the Nation’s largest qualified buyer pool, we were able to secure a 1031 exchange buyer willing to close within 21 days. The buyer saw the future value added by leasing up the vacant space and came to the table accordingly,” said James Garner of the Tampa Office.
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