Naples, 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 Taco Bell, a 2,441-square foot net-leased property located in Naples, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,300,000.
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 secured and represented by Armond Aivazyan, an investment specialist in Marcus & Millichap’s Palo Alto office.
“Our team sold this asset for 99.1% of List Price and went from List to Contract in just 15 days. Marcus & Millichap’s platform and exposure yielded a buyer from Colorado which was sourced from a Marcus & Millichap broker in California. This is yet another example Marcus & Millichap’s unparalleled access and exposure to the largest national investor pool and how we leverage this platform to yield the highest prices for our sellers. The ultimate purchaser recognized the strong core real estate fundamentals and property facts including that the property is ideally located adjacent to 79,000 average daily traffic count, boasts a 6.35% blended cap rate over the base term, is operated by a top 10 Taco Bell franchisee in the U.S., is ideally positioned next to McDonald’s and is surrounded by 4 large hotels.” stated Mr. Shiebler
Taco Bell is located at 8835 Davis Boulevard in Naples, Fla. The property is perfectly situated in the epicenter of this highly desirable retail and dining destination. In the immediate area surrounding the subject property, there are numerous retail and hotel developments under construction which ensures enhanced positioning of this property to appreciate in value in the future. For $3,330,000, this asset provides an investor a rare opportunity to purchase a true pride of ownership asset in a highly desired and world-famous township.
Naples is a principal city of the Naples-Marco Island, Florida MSA, which has a population of 322,000+. With a convenient location in Southwest Florida, Naples is known for its world-class fishing and average annual temperature of 75 degrees. It is one of the wealthiest cities in the United States, with the second-highest proportion of millionaires per capita in the United States.