Marcus & Millichap : Arranges the Sale of Harmony Plaza in Port Richey for $7.65 Million
10/24/2022 | 12:22pm EST
Marcus & Millichap Arranges the Sale of Harmony Plaza in Port Richey for $7.65 Million
October 24, 2022
PORT RICHEY, Fla., Oct. 24, 2022 - 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 Harmony Plaza, a 82,820-square-foot shopping center in Port Richey, Florida. The 5.97-acre property sold for $7.65 million.
"This deal was all about fundamentals," said James Medefind, senior vice president investments. "Commercial real estate is resetting, and there is a long overdue return to fundamentals. Harmony Plaza checked all those boxes: located on a lighted intersection with huge traffic counts, stable long-term tenant roster, upside in the form of one large vacancy, low price per square foot, and in the path of growth in one of the most in-demand, dynamic markets in the entire country. The market response was robust, and ultimately, the quality of the asset allowed us to close despite the turbulence in the debt markets."
Medefind, Jim Shiebler, James Garner, and Jonathan Gerszberg, investment specialists in Marcus & Millichap's Tampa and Fort Lauderdale offices, had the exclusive listing to market the property on behalf of the seller, a California-based private investor. A private investor purchased the property.
Harmony Plaza is located at 11932 U.S. Highway 19 and on the corner of State Road 52. Built in 1973, the property is surrounded by national retailers and is 45 minutes from central Tampa. At the time of the sale, the shopping center was 87 percent occupied.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 24 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2022 16:21:07 UTC.