Marcus & Millichap Inc.
11/13/2024 | Press release | Distributed by Public on 11/13/2024 16:54
Marcus & Millichap Arranges Sale of Grocery-Anchored Retail Center in Albany Kentucky
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Marcus & Millichap Arranges Sale of Grocery-Anchored Retail Center in Albany Kentucky
November 13, 2024
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ALBANY, Ky., Nov. 13, 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 Westview Shopping Center, a 39,161-square-foot grocery-anchored retail center in Albany, Kentucky, for $1,745,449.
"Grocery-anchored product remains the gold standard, and yields remain compressed compared to other retail categories," said Zach Taylor, senior managing director investments. "Westview's location was in a tertiary market, but the strong IGA/Houchens credit and performance attracted a large buyer pool."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, exclusively marketed the property on behalf of the seller, a Tennessee-based developer, and procured the buyer, a private investor. Grant Fitzgerald is Marcus & Millichap's Broker of Record in Kentucky.
Located at 700 Burkesville Road, the retail property is 97% occupied and anchored by IGA Hometown Grocery, which has been in place since the center was built in 1988. IGA is the most visited grocery store within a 30-mile radius. The property hosts nine local tenants, including Dragon Garden, Majors Pizza, and Albany Nail Salon.
"Grocery-anchored product remains the gold standard, and yields remain compressed compared to other retail categories," said Zach Taylor, senior managing director investments. "Westview's location was in a tertiary market, but the strong IGA/Houchens credit and performance attracted a large buyer pool."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, exclusively marketed the property on behalf of the seller, a Tennessee-based developer, and procured the buyer, a private investor. Grant Fitzgerald is Marcus & Millichap's Broker of Record in Kentucky.
Located at 700 Burkesville Road, the retail property is 97% occupied and anchored by IGA Hometown Grocery, which has been in place since the center was built in 1988. IGA is the most visited grocery store within a 30-mile radius. The property hosts nine local tenants, including Dragon Garden, Majors Pizza, and Albany Nail Salon.
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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.