Marcus & Millichap Inc.
11/20/2024 | Press release | Distributed by Public on 11/20/2024 16:48
Marcus & Millichap Facilitates $15.5 Million Sale and $6.5 Million Financing for Lakeland Retail Center
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Marcus & Millichap Facilitates $15.5 Million Sale and $6.5 Million Financing for Lakeland Retail Center
November 20, 2024
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LAKELAND, Fla., Nov. 20, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Northtowne Square, a 96,009-square-foot retail center in Lakeland, Florida. The asset was sold for $15.5 million, with $6.5 million financed by Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap.
"Northtowne Square's prime location, 100% occupancy, and strong tenant mix made it an attractive investment opportunity, especially in today's evolving market," said Tarek Chbeir, senior associate in Marcus & Millichap's Orlando office. "Even amid current market conditions, we successfully secured a sale close to a record 7% return, underscoring the resilience of well-positioned retail assets that cater to everyday needs and offer diverse tenant options."
Chbeir exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors. Garrett Fierstein, senior director with MMCC arranged the financing with a local credit union on behalf of the buyer. Terms of the 10-year loan include a 6.25% fixed interest rate with 30-years amortization and no prepayment penalty.
"The client presented a specific debt structure requirement, which we exceeded upon going to market," said Fierstein. "The outcome reflects outstanding collaboration and a smooth closing process that fully aligned with contract timeframes."
Built in 1988, Northtowne Square is located at 5115 US Hwy 98 N. and spans over 10.31 acres. Positioned along the U.S. 98 retail corridor and two miles from the I-4 corridor, the property benefits from high visibility and traffic of over 40,000 vehicles daily. The center includes 20 national, regional, and local tenants including Harbor Freight Tools, Fancy Fruit & Produce, and Brewlands Bar & Billiards.
"Northtowne Square's prime location, 100% occupancy, and strong tenant mix made it an attractive investment opportunity, especially in today's evolving market," said Tarek Chbeir, senior associate in Marcus & Millichap's Orlando office. "Even amid current market conditions, we successfully secured a sale close to a record 7% return, underscoring the resilience of well-positioned retail assets that cater to everyday needs and offer diverse tenant options."
Chbeir exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors. Garrett Fierstein, senior director with MMCC arranged the financing with a local credit union on behalf of the buyer. Terms of the 10-year loan include a 6.25% fixed interest rate with 30-years amortization and no prepayment penalty.
"The client presented a specific debt structure requirement, which we exceeded upon going to market," said Fierstein. "The outcome reflects outstanding collaboration and a smooth closing process that fully aligned with contract timeframes."
Built in 1988, Northtowne Square is located at 5115 US Hwy 98 N. and spans over 10.31 acres. Positioned along the U.S. 98 retail corridor and two miles from the I-4 corridor, the property benefits from high visibility and traffic of over 40,000 vehicles daily. The center includes 20 national, regional, and local tenants including Harbor Freight Tools, Fancy Fruit & Produce, and Brewlands Bar & Billiards.
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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, 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 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.