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 a CVS, a 13,616 square-foot net-leased property located in Orlando, Florida. The asset sold for $7,210,000.
“Through our vast, US broad marketing we were able to source a 1031 Buyer out of California motivated by moving their family’s equity to Florida, said Ronnie Issenberg, senior managing director investments. Issenberg, Gabriel Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“The combination of CVS’ strong credit as well as the property’s location in booming Orlando allowed our marketing efforts to procure multiple offers, even in the current market environment. Florida and it’s primary cities like Orlando, Tampa and Miami are all experiencing strong population growth and therefore investors target these markets first” adds Gabriel Britti, senior managing director investments. “This is the second time we sold this asset within the last couple of years. On both occasions, we were able to achieve top of market pricing for our clients which speaks to the sustained value experienced in Orlando and other similar markets throughout Florida” mentions Ricardo Esteves, Vice President Investments.
The CVS is located at 2702 S Orange Avenue.Strategically located on the Hard-Signalized Intersection of South Orange Avenue and East Michigan Street, both major thoroughfares, the property benefits from it’s unique “best in class” location with a multitude of demand drivers.The property also benefits from its unique location which is surrounded by numerous medical facilities including but not limited to; The Palms Nursing & Rehab Center and Arnold Palmer Hospital which offer numerous services including, Cardiology, Primary Care, Neuroscience, Surgery, Oncology,Women’s Services, Orthopedics, while also being recognized around the world for its Pediatric and Adult Level One Trauma Program.
The property is also less than 2.5 miles from Downtown Orlando and the area’s Central Business District. The site features ideal connectivity due to its position along Michigan Ave which is just a few blocks away from I-4 and within proximity to Spessard L. Holland East-West Expressway. The area is
also home to several national and regional retailers including but not limited to Walmart, Target, TJ Maxx, Chick Fil A, Publix, Starbucks, Panera Bread, and numerous others.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
