Wednesday, September 22, 2010

Marcus & Millichap Sells 171,509-SF Retail Building in Marianna, FL

 MARIANNA, FL, Sept. 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Station, a 171,509-square foot retail property located in Marianna, Florida, for an undisclosed sales price according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

Dorothy Jackman (top right photo), vice president investments and Ron Schultz (middle left photo), investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller.

 The buyer, a limited liability company based out of Arizona, was also secured and represented by Schultz.

“During the marketing process, we procured a significant number of buyers looking for retail product of this size and class,” says Schultz.

“ We received multiple offers and inquiries despite current market conditions, area of subject property and vacancy issues.

“We narrowed the buyer pool down to the most probable buyer with a valid plan of increasing value. We worked through some difficult issues (deferred maintenance, loan assumption and lease renewals) while in contract.”  

Oak Station was built in 1989 and is located at 4700 Highway 90.  The property presented a true add-value opportunity at a very low price per square foot. 

Press Contact: Bryn D. Merrey
 Regional Manager, Tampa
 (813) 387-4700

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