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 the Cervantes St. Industrial and Retail Building, a 14,392-square foot industrial property located in Pensacola, Florida, according to Sean Beuche, regional manager of the firm’s Philadelphia office. Ryan Nee, Florida broker of record, also assisted in this transaction. The asset sold for $1,300,000.
Craig Dunkle and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, DEP. The buyer, a personal trust, was also secured and represented by Dunkle and Vartanian.
“Working closely with the seller and a lender, we overcame many hurdles to close this transaction. Pensacola is a very tight market with limited inventory and high rental growth rates,” said Vartanian, vice president investments.
Cervantes St. Industrial and Retail is located at 1417 W Cervantes St in Pensacola, Florida. This property is occupied by four tenants, and has undergone recent renovations, featuring five dock doors as well as high ceilings. In addition, this property sits along a high-traffic main road and is only 1.5 miles away from I-110, making the property easily accessible to I-10 and other major east coast cities.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.