Marcus & Millichap Inc.
07/03/2024 | Press release | Archived content
Marcus & Millichap Sells Shadow-Anchored Emporia Commons Retail Center for $1.9 Million
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Marcus & Millichap Sells Shadow-Anchored Emporia Commons Retail Center for $1.9 Million
July 03, 2024
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EMPORIA, VA., July 3, 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 35,013-square-foot retail center shadow anchored by a Walmart supercenter located in Emporia, Virginia. The asset sold for $1.9 million.
"Emporia Commons is a 58% leased Walmart Shadow Center located off the interstate, adjacent to a new Chick-fil-A. Recognizing the rarity of this true value-add strip retail opportunity, the buyer agreed to a two-week due diligence and a two-week close," says Zach Taylor, senior managing director investments.
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 Tennessee-based developer. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
Emporia Commons is located at 301 Market Dr., comprising 15 national, regional, and local tenants including It's Fashion Metro, H&R Block, and Pizza Hut. The property sits in the heart of a commercial hub that sees 47,000 vehicles per day. The shadow-anchored Walmart Supercenter serves as a regional trade area, being the closest Walmart in over 25 miles.
"Emporia Commons is a 58% leased Walmart Shadow Center located off the interstate, adjacent to a new Chick-fil-A. Recognizing the rarity of this true value-add strip retail opportunity, the buyer agreed to a two-week due diligence and a two-week close," says Zach Taylor, senior managing director investments.
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 Tennessee-based developer. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
Emporia Commons is located at 301 Market Dr., comprising 15 national, regional, and local tenants including It's Fashion Metro, H&R Block, and Pizza Hut. The property sits in the heart of a commercial hub that sees 47,000 vehicles per day. The shadow-anchored Walmart Supercenter serves as a regional trade area, being the closest Walmart in over 25 miles.
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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.