The Issenberg Britti Group Sells a Pilot Bank in Tampa, FL
Marcus & Millichap closes deal Of Pilot Bank in South Tampa with rare triple drive-thru
TAMPA, FL, September 20, 2021– 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 Pilot Bank – South Tampa, a 3,454-square-foot net-leased property on a 21,780-square-foot lot (0.50 Acres) located in Tampa, FL, according to Ryan Nee, first vice president and district manager of the firm’s Miami office. The asset sold for $3,800,000.
Gabriel Britti, Jonathan Gerszberg and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a local developer. The buyer, a private investor, was represented by Ricardo Esteves, an investment specialist in Marcus & Millichap’s Miami Office.
“The Pilot Bank closing is significant because it demonstrates the elasticity of today’s market,” notes Gerszberg. “Every asset tranche has been pushed up in value. Two-tenant deals are being viewed and purchased like single-tenant triple net properties. Similarly, three to six unit multi-tenant strip centers with triple net leases are priced like low management, two-tenant properties. Credit is taking a backburner to location and lease terms,” adds Gerszberg. “Meaning a six-branch bank like Pilot Bank can trade for comparable numbers to that of a major, national bank.”
Britti points out that “location, rent increases and lease terms were the main factors in obtaining this cap rate.”
“We haven’t seen a market this hot in as long as I can remember,” explains Issenberg. “We’re breaking cap rate records every day. It’s all driven by a shortage of product and pent-up demand,” adds Issenberg.
Pilot Bank is located at 408 S. MacDill Ave in Tampa, FL, just minutes from the affluent waterfront community of Bayshore Gardens. The South Tampa location is s a 10-minute drive from Tampa International Airport and less than three miles from Raymond James Stadium, home of the Tampa Bay Buccaneers and the NCAA’s South Florida Bulls football team.