4830 Highway 90 in Pace, Florida — Marcus & Millichap
By Joshua Burd
A private investor based in central New Jersey has acquired a nearly 5,000-square-foot retail property in the Florida Panhandle, in a $2.825 million sale brokered by Marcus & Millichap.
Brokers with the firm’s Saddle Brook office announced the sale of the property, 4830 Highway 90 in Pace, Florida, after marketing it on behalf of the developer. Occupied by Starbucks and Kay Jewelers, the 4,970-square-foot asset is a build-to-suit that is surrounded by other national retailers.
Marcus & Millichap investment specialists Karly Iacono and JC Corr handled the assignment out of the New Jersey office.
“The seller completed a high quality build-to-suit project for two strong national tenants who were looking to expand in the market,” Iacono said. “We received tremendous interest right out of the gate and had an accepted offer within weeks of marketing.”
Craig Dunkle, an investment specialist in the firm’s Philadelphia office, secured and represented the buyer, while Ryan Nee is the firm’s broker of record in Florida.
“The buyer was drawn to the long lease terms and credit of the tenants and was happy to add another quality asset to their portfolio,” Dunkle said.
