Melbourne Area Retail Property Trades For $541 PSF

Jan 31, 2019 No Comments by

Marcus & Millichap announced the sale of Starbucks & Mattress1One, a 6,100-square foot retail property located in Indian Harbour Beach, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office.

The asset sold for $3,300,000.

 

“Given the property’s attractive tenant lineup and location near the ocean, we were able to generate very strong interest via our aggressive marketing campaign. Ultimately, we sourced a buyer from California that recognized the opportunity presented by the asset. As we do with many of the property’s sold by our team, we were happy to co-broker with the buyer’s broker from Los Angeles,” stated Barry M. Wolfe, senior managing director of investments in Marcus & Millichap’s Fort Lauderdale office.

Starbucks & Mattress1One is located at 840 E Eau Gallie Boulevard. The property includes two brand new, free-standing buildings, occupied by Starbucks and Mattress1One. The Starbucks is considered a relocation store since it was less than 1.5 miles from the original store.

 

“Our team was able to successfully get this deal to the closing table in less than three weeks from the letter of intent,” continues Wolfe.

Wolfe and Alan Lipsky, vice president of investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Jerry Evans of Evans Retail, LLC.

 

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Industry News, NA, Retail
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