Marcus & Millichap Inc.
09/23/2024 | Press release | Distributed by Public on 09/23/2024 17:26
Marcus & Millichap Arranges $5.3M Sale of Fully Occupied Retail Strip in Kansas
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Marcus & Millichap Arranges $5.3M Sale of Fully Occupied Retail Strip in Kansas
September 23, 2024
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DERBY, Kan., Sept. 23, 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 Spring Creek Center, a 31,557-square-foot retail strip property located in Derby, Kansas. The property sold for $5.3 million.
"We sourced an all-cash private investor from the East Coast who offered a higher price than local buyers while securing a better deal than he could find in his home market," said Alex Perez, first vice president of investments.
Perez and Chris Garavaglia, investment specialists in Marcus & Millichap's St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group. Colby Haugness, Broker of Record in Kansas, assisted in closing the transaction.
Built in 2007, Spring Creek Center is located on 3.28 acres at 1821 E. Madison Ave. in the Wichita, Kansas, MSA. The retail strip consists of 12 fully leased suites spread across three buildings, with a mix of medical, dining and service-oriented tenants. The property receives high visibility from traffic counts exceeding 31,000 vehicles daily, with nearby retailers including Ace Hardware, Planet Fitness and Dollar Tree.
"We sourced an all-cash private investor from the East Coast who offered a higher price than local buyers while securing a better deal than he could find in his home market," said Alex Perez, first vice president of investments.
Perez and Chris Garavaglia, investment specialists in Marcus & Millichap's St. Louis office, had the exclusive listing to market the property on behalf of the seller, a private equity group. Colby Haugness, Broker of Record in Kansas, assisted in closing the transaction.
Built in 2007, Spring Creek Center is located on 3.28 acres at 1821 E. Madison Ave. in the Wichita, Kansas, MSA. The retail strip consists of 12 fully leased suites spread across three buildings, with a mix of medical, dining and service-oriented tenants. The property receives high visibility from traffic counts exceeding 31,000 vehicles daily, with nearby retailers including Ace Hardware, Planet Fitness and Dollar Tree.
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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.