Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Franklin Arms, a 27-unit mixed-use property located in Fort Myers, Fla, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,700,000.
Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by The RPH Multifamily Group.
“Franklin Arms is truly a trophy asset, given the historic vintage and Class-A location in Downtown Fort Myers,” said Podbelski. “That said, as a result of the mixed-use component of Franklin Arms, coupled with its relatively small footprint in comparison to similar mixed-use product, many of the larger mixed-use investors strayed away. However, we were ultimately able to secure a very strong Miami-based PE group that saw the future vision and subsequently closed at an approximate 5.8 percent cap rate,” Podbelski concluded.
Franklin Arms is located at 2310 First St in Fort Myers, Florida within walking distance of Downtown’s numerous professional establishments, dining and entertainment venues. The Property features 22 residential units and five office spaces. Franklin Arms’ historic façade is complemented by several recent renovations including: kitchens, bathrooms and flooring in addition to a new roof and windows in 2020.