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 Miller’s Ale House, an 8,904-square foot net-leased casual sports restaurant and bar located in Orlando, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold above the listing price for $6,875,000.
James Garner, James Medefind 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.
“We worked with this owner for years on an advisory basis leading up to helping them capitalize on a top of the market price for this asset when it came time to transition their equity. Due to the quality of the asset and location, we drove multiple offers within the first week of our marketing process and ultimately secured a buyer willing to pay well above list price paired with very attractive terms for the seller,” said Garner, CCIM, first vice president of investments. “We fielded offers from all over the nation, both represented by our firm and outside of our firm. Ultimately, we collaborated with Colliers on this transaction to ensure the best buyer was selected in moving the transaction forward.”
Miller’s Ale House is located at 641 N Alafaya Trail in Orlando, Florida. It is ideally positioned in a tremendously dense sub-market of Orlando as an outparcel to the Waterford Lakes Town Center, a premier shopping destination and just a few miles south of the University of Central Florida.
“This location has a long operating history with historically strong unit-level sales. And they recently extended their lease making this a passive, long-term net-leased opportunity for the new owner,” added Garner.
In addition to its prime location, Miller’s Ale House Orlando is surrounded by other nationally known tenants, including Best Buy, Chick Fil A, Target, Kohl’s, Ulta, Dick’s Sporting Goods and more.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
