Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (2024)

Market Closed - Nyse

Other stock markets

04:00:02 2024-06-10 pm EDT
5-day change 1st Jan Change
30.56 USD -0.03% Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (1) -3.54% -30.04%
Jun. 04 MT
May. 08 Sector Update: Financial Stocks Rise Wednesday Afternoon MT

May 27, 2024

Share

TAMPA, Fla., May 28, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of 15,120-square-foot net-leased Walgreens in Tampa, Florida. The asset sold for $6,097,000 with $3,048,500 in balance sheet financing.

"Although only 11 years remained on the lease, we received multiple offers, reiterating the continued strong demand for Florida net lease drug stores," said Ronnie Issenberg, senior managing director. "We were able to source favorable financing to assist the purchaser in their closing," added Gabriel Britti, senior managing director. "This was truly a collaborative effort, in which we partnered with Chris Marks and MMCC to secure the financing required and partnered with Evan Kristol and his team to assist their 1031 client, a multi-family investor looking to transition into a net-lease passive investment. All in all, we were able to achieve our client's respective goals." mentioned Ricardo Esteves, First Vice President.

Issenberg, Britti and Esteves, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, CP Thunder FS LLC. Evan Kristol and Felipe Echarte, investment specialists in Marcus & Millichap's Fort Lauderdale office procured the buyer, JJR Apartments LLC. Chris Marks, senior managing director in MMCC's Manhattan office secured the 5-year loan with 6.5% interest followed by 30-year amortization.

"Echarte and I previously sold the buyer's 48-unit apartment building and then enlisted the expertise of Esteves, Britti, and Issenberg to facilitate a 1031 exchange into a Walgreens property in Tampa," said Evan Kristol, executive managing director of investments.

The Walgreens is located at 4141 W Hillsborough Ave., situated at the signalized intersection of West Hillsborough Avenue and North Dale Mabry Highway, in a retail-dense corridor with national retailers nearby, including Dunkin', TD Bank, and Dollar Tree. Tampa International Airport is six miles away.

# # #

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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.

Attachments

  • Original Link
  • Permalink

Disclaimer

Marcus & Millichap Inc. published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2024 00:02:07 UTC.

Share

© Publicnow - 2024

MT
Sector Update: Financial Stocks Rise Wednesday Afternoon MT
MT
CI
MT
CI
MT
MT
CI
CI
CI
MT
MT
CI
MT
CI
MT
CI
MT
CI
MT
MT

Company Profile

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 Company’s investment brokerage and financing professionals serve private clients within the private client market segment.

Sector

Real Estate Services

Calendar

2024-08-01 - Q2 2024 Earnings Release (Projected)

Related indices

Russell 2000

More about the company

Income Statement Evolution

More financial data

Trading Rating

Investor Rating

ESG Refinitiv

C

More Ratings

Analysts' Consensus

Sell

Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (3)

Buy

Mean consensus

SELL

Number of Analysts

1

Last Close Price

30.56USD

Average target price

20USD

Spread / Average Target

-34.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Services

1st Jan change Capi.

-30.04% 1.18B

CBRE GROUP, INC.

-5.88% 26.43B

KE HOLDINGS INC.

-1.79% 19.36B

ZILLOW GROUP, INC.

-24.98% 10.22B

CAPITALAND INVESTMENT LIMITED

-18.35% 9.67B

JONES LANG LASALLE INCORPORATED

+5.19% 9.45B

FIRSTSERVICE CORPORATION

-3.42% 6.78B

COLLIERS INTERNATIONAL GROUP INC.

-10.08% 5.5B

MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY

+30.96% 4.3B

-4.81% 2.36B

Other Real Estate Services

  1. Stock Market
  2. Equities
  3. MMI Stock
  4. News Marcus & Millichap, Inc.
  5. Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa
All transcripts on over 9000 companies, on the day they post their earnings! Unlock them now!

Marcus & Millichap : Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (14)

Marcus & Millichap :  Brokers $6.1M Sale and $3M financing of 15,120 SF Net Leased Walgreens in Tampa (2024)

References

Top Articles
Latest Posts
Article information

Author: Saturnina Altenwerth DVM

Last Updated:

Views: 6237

Rating: 4.3 / 5 (64 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Saturnina Altenwerth DVM

Birthday: 1992-08-21

Address: Apt. 237 662 Haag Mills, East Verenaport, MO 57071-5493

Phone: +331850833384

Job: District Real-Estate Architect

Hobby: Skateboarding, Taxidermy, Air sports, Painting, Knife making, Letterboxing, Inline skating

Introduction: My name is Saturnina Altenwerth DVM, I am a witty, perfect, combative, beautiful, determined, fancy, determined person who loves writing and wants to share my knowledge and understanding with you.