Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an IHOP, a 4,985-square foot net-leased property located in Venice, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,448,067.
Jim Shiebler and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Shiebler says, "The seller retained James and me due to our retail expertise and knowledge of the Sarasota County sub-market." Jim and James created a competitive environment for the seller by leveraging Marcus & Millichap’s national platform of private investors to generate seven offers for the property. "We were able to recommend a solid buyer who performed and closed at the contract price," added Shiebler.
The buyer, a private investor from the East coast of Florida, was secured and represented by Jim Shiebler. "The investor had extensive knowledge of the area and valued the steady and future growth of the Venice township. He appreciated the IHOP brand and the franchise's storied history and multi-decade track record of success," said Shiebler.
The closing is the 13th transaction in 2017 were Shiebler represented both the buyer and seller or one party for multiple purchases. It also demonstrates the trust clients place in his commitment to represent their best interest and achieve results. IHOP is located at 4369 Tamiami Trail South in Venice, 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