CAPE CORAL, Fla., October 11, 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 Towers I, a 23,310-square foot retail property located in Cape Coral, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $6,000,000.
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, an individual/personal trust. The buyer, a private investor, was secured and represented by Jim Shiebler, James Garner and James Medefind.
Towers I is located at 2612 Santa Barbara Boulevard in Cape Coral, Fla and is fully stabilized at 91 percent occupancy. Three of the major tenants have occupied this space since the center's inception in 2008 and net leases ensure full reimbursements of expenses. Towers I provides an investor the opportunity to purchase a truly rare investment property that is incredibly located on Main and Main. This property is positioned directly across the street from the brand-new Lucky's Supermarket, projected to be completed in late summer 2019, Publix Supermarket, Target, and Lowe's.
This asset is situated in the absolute center of the burgeoning market of Cape Coral as this city is ranked as the "No. 1 Fastest Growing Small City in the United States," according to Forbes. In fact, the current population is forecasted to double within the next 20 years. Additionally, Cape Corals retail zoning is less than five percent of all land mass. Simply put, there is not enough dedicated space to keep up with the population explosion. The Towers I residual value of the core real estate is destined to continue to appreciate throughout the coming decades.
Towers I has been impeccably maintained with a newly resealed and striped parking lot. The property is made up of the highest-grade concrete block construction and building design quality. It has steel rod reinforcements (five to six per footing), non-load-bearing interior partition walls, separate electric and all plumbing and electrical is in place for hot water heater installations. Interior walls in this property are divisional and there is versatility of shape and sizes of units (side-to-side or front-to-back). The building has hurricane-proof high-impact glass and also has all copper electric wiring with six-foot loops to be able to strategically move ceiling electric light fixtures upon changing shape and size configurations.