Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Market Square, a 65,688-square-foot shopping center in Fort Myers, Florida. The property sold for $13.2 million.
“We generated a total of 11 offers for the asset and ultimately selected the most capable investor that understood the various intricacies of the property and appreciated the trophy location and coveted nature of this specific trade area,” said Jim Shiebler, CCIM, CEC, first vice president investments. “The asset required a CMBS assumable loan which we were able to organize the complex transfer process by integrating a highly reputable loan assumption facilitation company to serve as the liaison throughout the process.”
Shiebler, James Medefind and James Garner, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor based in New Jersey, was also procured by Shiebler, Medefind and Garner.
Market Square is located at 13741 S. Tamiami Trail and is 1.5 miles from Florida Southwestern State College and one mile from Gulf Center Medical Center. The shopping center’s tenants include Michaels, World Market, Petco, Dollar Tree, and Barnes & Noble. Built in 2004-2006, the property is situated on the corner of U.S. 41 and Daniels Parkway and sits on a 14.89-acre lot.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
