Marcus & Millichap : Arranges the Sale Of A 78,647-Square-Foot Multi-Tenant Plaza for $7.5M
January 19, 2022 at 11:35 pm IST
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ORLANDO, Fla., January 18, 2022 - 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 Edgewood Isle Plaza, a 78,647-square-foot retail property located in Orlando, Florida. According to Justin W. West, regional manager of the firm's Orlando office, the 6.34-acre lot sold for $7,500,000.
The buyer, Fourth Atlantic Property Investments, was secured and represented by Salim Valiani, an investment specialist in Marcus & Millichap's Orlando office.
Edgewood Isle Plaza is located at 5601 S Orange Ave in Orlando, Florida. National tenants include Dollar Tree, Pizza Hut, Pinch-a-Penny, among other retail tenants. The plaza is centrally located in Edgewood, on a signalized corner between two major thoroughfares and within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport, and the downtown area.
"Edgewood Isle Plaza has a little over 30% vacancy, which was an attractive value-add for the buyer. Having successfully turned around other value-add retail plazas, the investor has the vision to upgrade the tenant mix through leasing the vacant units and possibly building on the vacant pad facing Hoffer Avenue," said Salim.
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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 8,954 transactions in 2020 with a value of approximately $43 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.
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Marcus & Millichap Inc. published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 18:04:06 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.