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 Take 5 Oil Change, a 1,500-square foot net-leased property located in Lakeland, FL, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,402,000.
Jim Shiebler, James Garner 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 limited liability company. The buyer, a private investor, was secured and represented by Jim Shiebler, James Garner and James Medefind.
“Medefind Retail’s sourcing and selling model generated 4 offers for the asset which created a top level of demand for the property. We ultimately identified and selected the buyer from Illinois who was in a 1031 exchange seeking a single tenant net lease asset. We highlighted the property to showcase the corporate guaranteed lease, the more than 10 years remaining on the base term and the location being a very desirable submarket that is exploding with growth! The seller was able to achieve his investment goals of performing a reverse 1031 exchange with a shopping center our team sold him in Sarasota, Florida earlier in the year.” stated Mr. Shiebler.
Take 5 Oil Change is located at 6059 Florida Ave S, the main retail artery through Lakeland, FL. Take 5 has been successfully operating at this location since 2010. Lakeland is located less than one hour north of the Tampa-St. Petersburg MSA and the Lakeland-Winter Haven metro area ranks 4th for overall growth in the entire nation.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.