North Fort Myers, Fla., December 30, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Hancock Center, a 10,462-square foot retail property located in North Fort Myers, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,130,000.
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 private investor. The buyer, a private investor, was also secured and represented by Jim Shiebler, James Garner and James Medefind.
“Our team sold this center for 96.2% of List Price by generating multiple offers & creating a competitive purchase environment. Our proven process facilitated an expeditious timeline from List to Contract in just 12 days. The ultimate purchaser recognized the strong core real estate fundamentals and property facts including the fact that the property was located on the main commuter artery adjacent to 72,000 average daily traffic count, positioned in a dense market with 23,000 Households and 30,000 daytime employees within 3 miles. We also emphasized the fact that this specific submarket has a huge level of population migration and boasts below market rents with short term leases providing the opportunity to increase income and equity position through increasing rents to market in the future.” stated Mr. Shiebler
Hancock Center is located at 3443 Hancock Bridge Parkway in North Fort Myers, Fla. The subject property is currently 100 percent occupied, with lease expirations staggered over the next five years. An investor can realize significant upside by gradually replacing the office tenants with retail tenants and bringing the current below market rents up to market rates.
Offered at just $112 per square foot, Hancock Center is ideally located on Hancock Bridge Parkway, a busy commuter artery that connects Fort Myers with Cape Coral. Many residents and visitors heading to or from Cape Coral use this route to bypass the paid toll bridges. Hancock Center also benefits from its positioning near the heavily trafficked intersection of Hancock Bridge Parkway and Cleveland Avenue (U.S. Highway 41), Fort Myers' main North/South thoroughfare. The subject property is surrounded by multiple hotels and numerous national retailers including Burger King, McDonald's, Wendy's, Perkins Restaurant, Regions Bank, Capital Bank, KFC, and Arby's. Over 22,500 households and 30,000 daytime employees within a three-mile radius provide Hancock Center with a built-in customer base.
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.