Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $6,750,000 sale and arrangement of $4,000,000 in financing for the purchase of a Paradise Beach strip mall located at 2324 N Hwy A1A in Indialantic, Florida.
Investment sales specialists Evan Cannan and Reid Thedford in MMI’s Tampa office represented the seller and the buyer.
Robert Bhat, Miami based senior managing director with Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured the financing with a local credit union on behalf of a private client.
“The shopping center is well located with heavy traffic counts along A1A and includes mostly local tenants,” said Bhat. “We were able to secure a 10-year loan with a 6.75% interest rate, a 25-year amortization and no prepayment penalty.”
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
