Marcus & Millichap Inc.
Marcus & Millichap Inc.
18/07/2024 | Press release | Archived content
Marcus & Millichap Announces $7.1 Million Sale of Shadow-Anchored Retail Center in Monticello Arkansas
Press Releases
Marcus & Millichap Announces $7.1 Million Sale of Shadow-Anchored Retail Center in Monticello Arkansas
July 18, 2024
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MONTICELLO, Ark., July 18, 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 71,068-square-foot Walmart Shadow Anchored retail center in Monticello, Arkansas. The asset sold for $7,100,000.
"Investor appetite for secondary market shopping center inventory remains robust," says Eric Abbott, senior associate. "The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area."
Abbott and Zach Taylor, investment specialists in Marcus & Millichap's Atlanta office, represented the seller, Timber Development, in the transaction. The purchaser was a DST fund based in California. Anne Williams, Broker of Record in Arkansas, assisted in closing the transaction.
Northpark Shopping Center, located at 120-155 Northpark Drive, is situated at the intersection of Highway 278 W and 425 N. The shopping center is 95% occupied and anchored by a Walmart Supercenter, which has been a tenant for the past 26 years. The center sees an annual visit count of 3.4 million and is the most visited shopping center within a 50-mile radius. The property spans 7.47 acres and features a tenant lineup that includes national brands such as Cato, Hibbett Sports, It's Fashion Metro, Pizza Hut, and Rent-A-Center, with an average tenant tenure of 21 years.
"Investor appetite for secondary market shopping center inventory remains robust," says Eric Abbott, senior associate. "The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area."
Abbott and Zach Taylor, investment specialists in Marcus & Millichap's Atlanta office, represented the seller, Timber Development, in the transaction. The purchaser was a DST fund based in California. Anne Williams, Broker of Record in Arkansas, assisted in closing the transaction.
Northpark Shopping Center, located at 120-155 Northpark Drive, is situated at the intersection of Highway 278 W and 425 N. The shopping center is 95% occupied and anchored by a Walmart Supercenter, which has been a tenant for the past 26 years. The center sees an annual visit count of 3.4 million and is the most visited shopping center within a 50-mile radius. The property spans 7.47 acres and features a tenant lineup that includes national brands such as Cato, Hibbett Sports, It's Fashion Metro, Pizza Hut, and Rent-A-Center, with an average tenant tenure of 21 years.
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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.