BRADENTON, Fla., October 2, 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 Bennett Plaza, a 34,606-square foot retail property located in Bradenton, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $6,700,000.
James Medefind, James Garner and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Bennett Plaza is located at 5210 East State Road 64 in Bradenton, Fla. The subject property is 100 percent occupied with a long, stable occupancy history.
Located just one mile west of Interstate 75 with traffic counts of 33,000 vehicles per day, Bennett Plaza offers investors an opportunity to acquire a stabilized asset on the major retail corridor in Bradenton. By acquiring this property, an investor is expected to generate a long, steady cash flow stream for years to come. A majority of the leases have annual increases positioning the asset for long term, steady rent growth.
The area surrounding Bennett Plaza is undergoing rapid development. A brand-new Home Depot is under construction two blocks to the east, a brand-new apartment complex was recently completed across the street, and new restaurants and retailers are actively seeking locations in the immediate area.
Bradenton is an attractive city just south of Tampa Bay and is a principal city of the Bradenton-Sarasota-Venice metropolitan statistical area. The city is home to many employment centers, including the headquarters of Champs Sports and Bealls Department Stores. Tropicana Products was founded in Bradenton, and still has operations in the area.