Marcus & Millichap Inc.
08/19/2024 | Press release | Distributed by Public on 08/20/2024 14:02
Marcus & Millichap Brokers Sale of Walmart Shadow-Anchored Retail Center Near Highlands North Carolina for $5.45 Million
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Marcus & Millichap Brokers Sale of Walmart Shadow-Anchored Retail Center Near Highlands North Carolina for $5.45 Million
August 19, 2024
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FRANKLIN, N.C., August 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 32,000-square-foot shadow-anchored retail center in Franklin, North Carolina, for $5,450,000.
"This center has a regional trade area and serves as the Walmart for Highlands, N.C., a popular resort and second-home market for many major metros in the Southeast," said Zach Taylor, senior managing director investments. "The buyer was drawn to Walmart's dominant presence and the limited future development potential due to the surrounding area's topography."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, had the exclusive listing to market the property on behalf of the seller, a Louisiana-based family office, and procured the buyer, a private 1031 investor. Benjamin Yelm, broker of record in North Carolina, assisted in closing the transaction.
The retail property at 109 Commons Dr. is 96% occupied and shadow-anchored by a Walmart Supercenter, which has been at this location for 12 years and serves as the primary Walmart for Highlands, N.C. The center attracts approximately 1.6 million visitors annually, making it the most visited shopping center within a 30-mile radius. The property hosts 12 tenants, including national brands such as Dollar Tree, CATO, and Sally Beauty Supply.
"This center has a regional trade area and serves as the Walmart for Highlands, N.C., a popular resort and second-home market for many major metros in the Southeast," said Zach Taylor, senior managing director investments. "The buyer was drawn to Walmart's dominant presence and the limited future development potential due to the surrounding area's topography."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, had the exclusive listing to market the property on behalf of the seller, a Louisiana-based family office, and procured the buyer, a private 1031 investor. Benjamin Yelm, broker of record in North Carolina, assisted in closing the transaction.
The retail property at 109 Commons Dr. is 96% occupied and shadow-anchored by a Walmart Supercenter, which has been at this location for 12 years and serves as the primary Walmart for Highlands, N.C. The center attracts approximately 1.6 million visitors annually, making it the most visited shopping center within a 30-mile radius. The property hosts 12 tenants, including national brands such as Dollar Tree, CATO, and Sally Beauty Supply.
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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.