Marcus & Millichap Inc.
07/18/2024 | Press release | Distributed by Public on 07/19/2024 15:12
Marcus & Millichap Arranges Sale of Retail Strip Property in Montgomery
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Marcus & Millichap Arranges Sale of Retail Strip Property in Montgomery
July 18, 2024
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MONTGOMERY, Ala., July 9, 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 East Chase Shops, a multi-tenant retail strip property located in Montgomery, Alabama. The property sold for $4,400,000.
"East Chase Shops is a well-located outparcel building to one of the largest and most visited retail destinations in the state of Alabama," said Harrison Creason, first vice president. "The property has three very solid tenants in Aspen Dental, Kay Jewelers, and Wharf Seafood. The tenants have been in place since 2017 and have performed well, due in part to the great location. This sale continues the theme of well-located multi-tenant retail remaining a preferred asset class for investors nationally."
Creason, Andrew Margulies and Alex Buckman, investment specialists in Marcus & Millichap's Charleston and Raleigh offices, had the exclusive listing to market the property on behalf of the seller, a private partnership based in Greenville, South Carolina. Brian Munn, senior managing director out of the firm's Atlanta office, procured the buyer, a private investor based in Augusta, Georgia. Eddie Greenhalgh, Broker of Record in Alabama, assisted in closing the transaction.
Located at 6941 Eastchase Loop, the 9,000-square-foot retail strip is home to a diverse group of tenants. Built in 2017, the property receives high visibility from its location off Taylor Road, with daily traffic counts exceeding 47,000 vehicles per day. The asset is adjacent to the large mall and lifestyle center, Shoppes at EastChase, as well as outparceled national tenants Starbucks, Arby's, Chick-fil-A, Wendy's and Whataburger.
"East Chase Shops is a well-located outparcel building to one of the largest and most visited retail destinations in the state of Alabama," said Harrison Creason, first vice president. "The property has three very solid tenants in Aspen Dental, Kay Jewelers, and Wharf Seafood. The tenants have been in place since 2017 and have performed well, due in part to the great location. This sale continues the theme of well-located multi-tenant retail remaining a preferred asset class for investors nationally."
Creason, Andrew Margulies and Alex Buckman, investment specialists in Marcus & Millichap's Charleston and Raleigh offices, had the exclusive listing to market the property on behalf of the seller, a private partnership based in Greenville, South Carolina. Brian Munn, senior managing director out of the firm's Atlanta office, procured the buyer, a private investor based in Augusta, Georgia. Eddie Greenhalgh, Broker of Record in Alabama, assisted in closing the transaction.
Located at 6941 Eastchase Loop, the 9,000-square-foot retail strip is home to a diverse group of tenants. Built in 2017, the property receives high visibility from its location off Taylor Road, with daily traffic counts exceeding 47,000 vehicles per day. The asset is adjacent to the large mall and lifestyle center, Shoppes at EastChase, as well as outparceled national tenants Starbucks, Arby's, Chick-fil-A, Wendy's and Whataburger.
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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.