Marcus & Millichap Inc.
09/24/2024 | Press release | Distributed by Public on 09/24/2024 15:53
Marcus & Millichap Arranges Sale of New Construction AutoZone Location in Raleigh
Press Releases
Marcus & Millichap Arranges Sale of New Construction AutoZone Location in Raleigh
September 24, 2024
LinkedIn Email App
RALEIGH, N.C., Sept. 24, 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 net-leased AutoZone property located in Raleigh, North Carolina. The property sold for $1.3 million with a 4.3% cap rate.
"Despite the property still being under construction, we were able to successfully close the transaction by delivering an estoppel that confirmed rent commencement, providing the buyer with confidence in the investment," said Timothy Nichols, vice president investments. "Achieving a 4.3% cap rate in today's high-interest-rate environment is an impressive outcome and underscores the strong demand for well-located, net-leased assets with creditworthy tenants."
Nichols, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a North Carolina Limited Liability Company. Ben Yelm, Broker of Record in North Carolina, assisted in closing the transaction.
The brand-new, 6,816-square-foot AutoZone, located at 2003 Rock Quarry Road, features a 15-year ground lease. The property is located 2.6 miles from downtown Raleigh in a heavily traveled corridor, receiving visibility from over 27,500 vehicles per day. Major retailers nearby include Food Lion, Walgreens and Southeast Raleigh YMCA.
"Despite the property still being under construction, we were able to successfully close the transaction by delivering an estoppel that confirmed rent commencement, providing the buyer with confidence in the investment," said Timothy Nichols, vice president investments. "Achieving a 4.3% cap rate in today's high-interest-rate environment is an impressive outcome and underscores the strong demand for well-located, net-leased assets with creditworthy tenants."
Nichols, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a North Carolina Limited Liability Company. Ben Yelm, Broker of Record in North Carolina, assisted in closing the transaction.
The brand-new, 6,816-square-foot AutoZone, located at 2003 Rock Quarry Road, features a 15-year ground lease. The property is located 2.6 miles from downtown Raleigh in a heavily traveled corridor, receiving visibility from over 27,500 vehicles per day. Major retailers nearby include Food Lion, Walgreens and Southeast Raleigh YMCA.
# # #
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.