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 BB&T, a 3,649-square foot net-leased property located in Fort Myers, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,000,000.
Reid Thedford, James Garner, 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.
“We are pleased to announce the sale of the BB&T (now Truist) bank branch located in Ft. Myers for $2,000,000. Amid the COVID-19 pandemic, our team listed the property, generated multiple offers, and successfully completed the transaction. The subject property had two and half years remaining, on its initial fifteen-year lease,” said Thedford.
BB&T is located at 18031 South Tamiami Trail in Fort Myers, Fla. BB&T is located at a signalized intersection on South Tamiami Trail and Constitution Boulevard. South Tamiami Trail is a major North-South thoroughfare that exposes this location to over 59,000 vehicles per day. There are dozens of national retailers in the immediate area including Publix, Planet Fitness, Bank of America, Regions Bank, CVS, Walgreens, McDonald’s, Burger King, Dunkin’ and more. The population and average household income within a three-mile radius of the subject property are approximately 37,150 and $85,735, respectively.
The Fort Myers market is a popular tourist destination and receives over 1.8 million visitors each year. Fort Myers is also a significant second-home market partly due to its convenient proximity to major cities, such as Miami and Tampa, which are both less than two hours away. Fort Myers is located in Lee County, which has a current population of over 700,000 full time residents. World-class fishing, award winning beaches, no state income taxes, and year-round beautiful weather are attracting new residents and visitors to this area at record breaking pace.
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.