Marcus & Millichap Inc.
08/21/2024 | Press release | Archived content
Marcus & Millichap Arranges $6.5 Million Sale of Mixed-Use Center in St. Augustine
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Marcus & Millichap Arranges $6.5 Million Sale of Mixed-Use Center in St. Augustine
August 21, 2024
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ST. AUGUSTINE, Fla., August 21, 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 of Mercado Walk, a 13-tenant mixed-use center in St. Augustine, Fla. The property sold for $6.5 million.
"We created strong momentum through our comprehensive marketing campaign, which resulted in a deep pool of qualified Auction buyers competing with the top local owners to purchase the property" says Mike Banwell, Vice President, Auction Services. "Our process resulted in 68 registered bidders competing in a two-day, live Auction for the property."
Simon V. Grigoryan, CCIM, Edwinn Bruchman and Mike Banwell, investment specialists in Marcus & Millichap's Jacksonville and Orange County offices, had the exclusive listing to market the property on behalf of the seller, a Federal Receiver.
"As anticipated, the subject, Mercado Walk, generated substantial interest from investors across the nation. Marcus & Millichap's local Jacksonville multi-tenant team, Simon Retail Group, provided all bidders with real-time market knowledge, including up-to-date lease and sale comps, along with specialized retail expertise in the submarket. The result was a bidding war over a trophy asset in a highly desired area of North Florida. Post COVID, multi-tenant unanchored retail has become the golden child of shopping centers, as demonstrated by the winning bidder's tenacity to control the asset," said Simon V. Grigoryan, CCIM, First Vice President Investments in the Jacksonville office.
Mercado Walk, a mixed-use center, is located at 155-167 Palencia Village Dr., at the northeast corner of U.S. Highway 1 (Dixie Highway) and International Golf Parkway. The property comprises two main buildings and an outparcel with a total of 22,695 square feet of retail, restaurant, and medical space. It is located in a newly developed residential community, Palencia, that includes a high-end golf course.
"We created strong momentum through our comprehensive marketing campaign, which resulted in a deep pool of qualified Auction buyers competing with the top local owners to purchase the property" says Mike Banwell, Vice President, Auction Services. "Our process resulted in 68 registered bidders competing in a two-day, live Auction for the property."
Simon V. Grigoryan, CCIM, Edwinn Bruchman and Mike Banwell, investment specialists in Marcus & Millichap's Jacksonville and Orange County offices, had the exclusive listing to market the property on behalf of the seller, a Federal Receiver.
"As anticipated, the subject, Mercado Walk, generated substantial interest from investors across the nation. Marcus & Millichap's local Jacksonville multi-tenant team, Simon Retail Group, provided all bidders with real-time market knowledge, including up-to-date lease and sale comps, along with specialized retail expertise in the submarket. The result was a bidding war over a trophy asset in a highly desired area of North Florida. Post COVID, multi-tenant unanchored retail has become the golden child of shopping centers, as demonstrated by the winning bidder's tenacity to control the asset," said Simon V. Grigoryan, CCIM, First Vice President Investments in the Jacksonville office.
Mercado Walk, a mixed-use center, is located at 155-167 Palencia Village Dr., at the northeast corner of U.S. Highway 1 (Dixie Highway) and International Golf Parkway. The property comprises two main buildings and an outparcel with a total of 22,695 square feet of retail, restaurant, and medical space. It is located in a newly developed residential community, Palencia, that includes a high-end golf course.
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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.