Marcus & Millichap Inc.
06/24/2022 | Press release | Archived content
Marcus & Millichap’s Commercial Property Auction Services Team Brokers the Sale of Four Multi-tenant Retail Properties for $10.17M
Press Releases
Marcus & Millichap's Commercial Property Auction Services Team Brokers the Sale of Four Multi-tenant Retail Properties for $10.17M
June 24, 2022
FORT LAUDERDALE, Fla., June 24, 2022 - 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 four multi-tenant retail properties in Kentucky, Georgia, and South Carolina. The combined properties sold for $10.17 million.
New Cut Market Center, a 44,800-square-foot Walmart shadow-anchored retail plaza, sold for $5 million. The property is located at 161-165 Outer Loop in Louisville, Ky. The seller, a Tennessee-based real estate investment firm, also sold Bush River Village, located at 1316-1324 Bush River Road in Columbia, S.C. for $2.45 million in a separate transaction.
Greenbelt Market, located at 7001 Raggard Road in Louisville, sold for $1,425,000. Lafayette Center, a 34,800-square-foot multi-tenant retail center located at 1109 N. Main Street in LaFayette, Ga., sold for $1,295,000.
Phil Kates and Adam Sklaver, senior vice presidents of the Marcus & Millichap Commercial Property Auction Services team, represented the sellers for each separate transaction.
"Our auction team has sold and closed 40 of the 41 assets we've auctioned since joining Marcus & Millichap in January, with no re-trades despite the interest rate environment," said Kates. "These sales show multi-tenant retail is still very hot. We look forward to seeing what the 2nd half of the year brings and continuing to achieve industry-leading results for our seller and broker clients."
The firm's Brokers of Record assisted in closing each transaction: John Leonard (Ga.), Colby Haugness (Ky.), Ben Yelm (S.C.).
New Cut Market Center, a 44,800-square-foot Walmart shadow-anchored retail plaza, sold for $5 million. The property is located at 161-165 Outer Loop in Louisville, Ky. The seller, a Tennessee-based real estate investment firm, also sold Bush River Village, located at 1316-1324 Bush River Road in Columbia, S.C. for $2.45 million in a separate transaction.
Greenbelt Market, located at 7001 Raggard Road in Louisville, sold for $1,425,000. Lafayette Center, a 34,800-square-foot multi-tenant retail center located at 1109 N. Main Street in LaFayette, Ga., sold for $1,295,000.
Phil Kates and Adam Sklaver, senior vice presidents of the Marcus & Millichap Commercial Property Auction Services team, represented the sellers for each separate transaction.
"Our auction team has sold and closed 40 of the 41 assets we've auctioned since joining Marcus & Millichap in January, with no re-trades despite the interest rate environment," said Kates. "These sales show multi-tenant retail is still very hot. We look forward to seeing what the 2nd half of the year brings and continuing to achieve industry-leading results for our seller and broker clients."
The firm's Brokers of Record assisted in closing each transaction: John Leonard (Ga.), Colby Haugness (Ky.), Ben Yelm (S.C.).
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.