Marcus & Millichap Inc.
09/16/2024 | Press release | Distributed by Public on 09/16/2024 16:12
Marcus & Millichap Announces Sale of QuikTrip Location in Piedmont, South Carolina
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Marcus & Millichap Announces Sale of QuikTrip Location in Piedmont, South Carolina
September 16, 2024
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PIEDMONT, S.C., Sept. 16, 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 QuikTrip gas station property located in Piedmont, South Carolina. The property was on the market for only 76 days and sold for a sub 6% cap rate to an out of state buyer.
"This transaction highlights the continued strength of high-traffic retail assets in key growth markets like Piedmont," said Timothy Nichols, vice president investments. "The QuikTrip property generated significant interest from buyers due to its prime location, exceptional foot traffic and proximity to major employers and new developments."
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 South Carolina Limited Liability Company, and procured the buyer, a Phoenix, Arizona Limited Liability Company. Ben Yelm, Broker of Record in South Carolina, assisted in closing the transaction.
Built in 2019, QuikTrip is located on 3.19 acres at 2085 SC-86, directly off Interstate 85 with daily traffic counts exceeding 84,000 vehicles per day. The location is ranked in the top 5 percent of QuikTrip locations nationwide with over 790,000 visits in the past year. Major nearby employers include Bosch, Coca-Cola and Budweiser, with additional growth driven by a new $35 million healthcare development adjacent to the site.
"This transaction highlights the continued strength of high-traffic retail assets in key growth markets like Piedmont," said Timothy Nichols, vice president investments. "The QuikTrip property generated significant interest from buyers due to its prime location, exceptional foot traffic and proximity to major employers and new developments."
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 South Carolina Limited Liability Company, and procured the buyer, a Phoenix, Arizona Limited Liability Company. Ben Yelm, Broker of Record in South Carolina, assisted in closing the transaction.
Built in 2019, QuikTrip is located on 3.19 acres at 2085 SC-86, directly off Interstate 85 with daily traffic counts exceeding 84,000 vehicles per day. The location is ranked in the top 5 percent of QuikTrip locations nationwide with over 790,000 visits in the past year. Major nearby employers include Bosch, Coca-Cola and Budweiser, with additional growth driven by a new $35 million healthcare development adjacent to the site.
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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.