Marcus & Millichap Inc.
08/09/2022 | Press release | Archived content
Marcus & Millichap Arranges the Sale of a 12,945-Square-Foot Retail Property in Lawrence, Kansas
Press Releases
Marcus & Millichap Arranges the Sale of a 12,945-Square-Foot Retail Property in Lawrence, Kansas
August 09, 2022
LAWRENCE, Kansas, August 9, 2022 - Marcus & Millichap Real Estate Investment Services of Kansas, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lawrence 27, a 12,945-square-foot retail property located in Lawrence, Kansas. According to Grant Fitzgerald, regional manager of the firm's Columbus and Cleveland offices, the asset sold for $4.52 million.
Zachary Turner, Scott Wiles, Erin E. Patton and Craig Fuller, investment specialists in Marcus & Millichap's Cleveland and Columbus offices, represented the buyer, who was a Kansas-based partnership. There was no buyer broker involved and the team worked directly with the seller, who was a Kansas City-based development firm. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.
Lawrence 27 is located at 2624 Iowa Street in Lawrence, Kansas, just a mile from University of Kansas. The subject property was originally built in 2014 and expanded in 2017 to add three more spaces. Lawrence 27 was 100 percent occupied at the time of the sale and tenants at the site included Buffalo Wild Wings, Tropical Café, Vapor World, Sports Clips and SunTan City.
Zach Turner, lead investment specialist on the transaction stated, "This was a very exciting transaction to be a part of and proves that the shopping center market has remained extremely strong from both a buyer and sellers' perspective. The buyer was a Kansas-based investment partnership who has been rapidly growing a very impressive portfolio throughout the region. They we were able to utilize their resources and obtain extremely strong debt and expected returns. The seller, a Kansas City-based development firm, was able to take advantage of the still aggressive market and exit out of this asset. As the original developer of the site, they were able to run this Class-A investment and development from beginning to end and have now passed along an excellent property to the new owner. This transaction turned out to be an exceptional opportunity for both buyer and seller and embodies the Midwest retail market."
Zachary Turner, Scott Wiles, Erin E. Patton and Craig Fuller, investment specialists in Marcus & Millichap's Cleveland and Columbus offices, represented the buyer, who was a Kansas-based partnership. There was no buyer broker involved and the team worked directly with the seller, who was a Kansas City-based development firm. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.
Lawrence 27 is located at 2624 Iowa Street in Lawrence, Kansas, just a mile from University of Kansas. The subject property was originally built in 2014 and expanded in 2017 to add three more spaces. Lawrence 27 was 100 percent occupied at the time of the sale and tenants at the site included Buffalo Wild Wings, Tropical Café, Vapor World, Sports Clips and SunTan City.
Zach Turner, lead investment specialist on the transaction stated, "This was a very exciting transaction to be a part of and proves that the shopping center market has remained extremely strong from both a buyer and sellers' perspective. The buyer was a Kansas-based investment partnership who has been rapidly growing a very impressive portfolio throughout the region. They we were able to utilize their resources and obtain extremely strong debt and expected returns. The seller, a Kansas City-based development firm, was able to take advantage of the still aggressive market and exit out of this asset. As the original developer of the site, they were able to run this Class-A investment and development from beginning to end and have now passed along an excellent property to the new owner. This transaction turned out to be an exceptional opportunity for both buyer and seller and embodies the Midwest retail market."
# # #
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.