News Release: MARCUS & MILLICHAP ARRANGES THE SALE OF 12.54 ACRES OF LAND

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Summerplace at Summerfield, 12.54 Acres of land located in Summerfield, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.  The buyer, a limited liability company, handled the transaction in-house.

“We were able to overcome several obstacles with this deal, and secure a local buyer, who was knowledgeable about the local market and could close quickly,” says LJ Tsunis.

Summerplace at Summerfield is located just off U.S. Highway 27 and is only two miles east of U.S. Highway 301. The subject property is part of the Spruce Creek Country Club, located on the northeast corner of the intersection of U.S. Highway 27 South/U.S. 441 South and Del Webb Boulevard. The site is currently zoned PUD-ALF/SNF allowing for a mixed-use development including residential, commercial retail, commercial office space uses, assisted living facilities and skilled nursing facilities. The concept plan proposes a total of 153 beds in two separate facilities, a two-story ALF with 92 beds and a one-story SNF with 61 beds, on approximately 4.9 acres of the overall 12.54 acres.

Summerplace at Summerfield is located in the Ocala Metro. Known for the strong manufacturing base and for the equine industry, the Ocala metro can attract global companies. The metro comprises all of Marion County and is a two hour or shorter drive from Jacksonville, Orlando and Tampa. Retirees of 65 and older account for 28 percent of the population, contributing to a large healthcare sector. Summerplace at Summerfield is located at 14000 Del Webb Boulevard in Summerfield, Fla.

 About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

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