JACKSONVILLE, Fla., July 6, 2020 – 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 Taco Bell, a 2,808-square foot net-leased property located in Jacksonville, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.
Jim Shiebler, James Garner and James Medefind and investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office.
“The Medefind Retail team successfully positioned the property in the marketplace to highlight its numerous attractive elements including its ideal location in the center of an extremely dense retail corridor operated by the largest Taco Bell franchisee in Florida. Additionally, we promoted the facts that it is a proven location as demonstrated by its year over year upward trending sales and 18+ year successful operating history. This resulted in generating 5 offers for the property creating a competitive environment for the seller to ultimately yield an exceptional price for the property.” stated Mr. Shiebler.
Taco Bell is located at 1319 Dunn Avenue in Jacksonville, Fla. This unique property is ideally positioned in the heart of restaurant row. Additionally, this dense infill, high barrier to entry location is just a half-mile from I-95, the main North/South route of travel through the state of Florida which sees over 70,000 Cars Per Day. The location is operated by the largest Taco Bell parent operators in Florida and one of the top 10 in the entire U.S. This prime location has a variety of phenomenal core real estate drivers that ensure future appreciation and stability of the location.