Marcus & Millichap Inc.
11/19/2024 | Press release | Distributed by Public on 11/19/2024 15:33
Marcus & Millichap Brokers Sale of Walmart Shadow Anchored Retail Center in Greenville Spartanburg Metro Area
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Marcus & Millichap Brokers Sale of Walmart Shadow-Anchored Retail Center in Greenville-Spartanburg Metro Area
November 19, 2024
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SPARTANBURG, S.C., Nov. 19, 2024 - 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 a 14,300-square-foot Walmart shadow-anchored retail center in Spartanburg, South Carolina, for $1.8 million.
"Cedar Springs Market is a 78% leased Walmart shadow center located in the fastest-growing MSA in South Carolina. This was a true value-add retail opportunity, and we closed above list price with an all-cash out-of-state buyer," said Zach Taylor, senior managing director investments.
Taylor and Eric Abbott of Marcus & Millichap exclusively represented the seller, a Tennessee-based developer, and procured the buyer, Safeway Group, Inc. Benjamin Yelm is Marcus & Millichap's broker of record in South Carolina.
Located at 205 Cedar Springs Road, the property was built in 2015 and is 78% occupied, with tenants including Cedar Tobacco & Vape, Lemontree Thai Cuisine, and Exotic Nails & Spa. Shadow anchored by a Walmart Neighborhood Market, the leading grocery store within a five-mile radius with 950,000 annual visits, the center benefits from high visibility and daily traffic counts of 12,400 vehicles on SR 56.
"Cedar Springs Market is a 78% leased Walmart shadow center located in the fastest-growing MSA in South Carolina. This was a true value-add retail opportunity, and we closed above list price with an all-cash out-of-state buyer," said Zach Taylor, senior managing director investments.
Taylor and Eric Abbott of Marcus & Millichap exclusively represented the seller, a Tennessee-based developer, and procured the buyer, Safeway Group, Inc. Benjamin Yelm is Marcus & Millichap's broker of record in South Carolina.
Located at 205 Cedar Springs Road, the property was built in 2015 and is 78% occupied, with tenants including Cedar Tobacco & Vape, Lemontree Thai Cuisine, and Exotic Nails & Spa. Shadow anchored by a Walmart Neighborhood Market, the leading grocery store within a five-mile radius with 950,000 annual visits, the center benefits from high visibility and daily traffic counts of 12,400 vehicles on SR 56.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.