Marcus & Millichap Inc.
11/22/2021 | Press release | Distributed by Public on 11/22/2021 14:38
Marcus & Millichap Brokers $4.9 Million Sale of Conn's HomePlus in Baton Rouge
BATON ROUGE, LA, November 22, 2021 - 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 Conn's HomePlus, a 53,414-square-foot net-leased property located in Baton Rouge, Louisiana, according to Jody McKibben, first vice president and regional manager of the firm's Baton Rouge office. The asset sold for $4,875,000.
"We received multiple offers from across the country, both at full price and above asking price," says Ken Jacobsmeyer, a net-leased investment specialist and lead agent on the deal. "This sort of deal highlights the strength of the Baton Rouge retail market."
Jacobsmeyer, along with Barry M. Wolfe of the firm's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, V&R Airline Properties. The buyer, STNL Development out of Cincinnati, Ohio, was represented by Vantage CRE of Louisville, Kentucky.
Conn's HomePlus is located at 8888 Airline Highway in Baton Rouge, Louisiana. Built in 1999 on three acres of land, the property underwent a complete corporate remodel in 2018. It is positioned in one of the densest areas of Baton Rouge, supported by over 212,000 people residing within a 5-mile radius. Conn's Inc. operates over 150 locations throughout the southern United States.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.