Investor Grabs Secure Net-Leased Property in Bradenton
- Feb 03, 2016
Bradenton, Fla.—An 11,200-square foot net-leased property sold for $4.75 million in Bradenton.
Marcus & Millichap facilitated the sale of the freestanding property. Senior Associate James Medefind of the firm’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Associate Chris Adams of the firm’s Dallas office. Both parties are private investors, the identities of whom remained undisclosed.
Built in 2003, the asset sits on 1.21 acres at 520 First St. West. Located on the main thoroughfare of U.S. Highway 301 leading to Manatee Memorial Hospital, the site benefits from a traffic count of over 59,000 vehicles per day. The asset is home to a CVS Pharmacy, and CVS Corporation has over eight years remaining on the lease term, providing a safe long-term investment for the buyer.
According to Marcus & Millichap, the property received great interest from the marketplace due to its location across from Manatee Memorial Hospital and downtown Bradenton. “In total, we were successful in generating more than five offers after just seven days of marketing,” Medefind said in a prepared statement. “The asset’s proximity to the Tampa market and high quality location within the Bradenton market made a very attractive investment, despite the shorter lease term,” he added.
Image courtesy of Marcus & Millichap