Press Releases
Marcus & Millichap Brokers $7.5 Million Sale of Monroe Retail Center
March 12, 2024
MONROE, Ga., Mar. 12, 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 Paradise Shoppes of Monroe, Georgia. The asset was sold for $7.5 million.
"We yielded over 20 offers on this asset – the majority of which required financing. Several of the lenders involved were changing debt requirements and interest rates for those borrowers, creating some unpredictable deal paths. Ultimately, we closed with a highly qualified, competitive all-cash offer with a non-exchange buyer,” says Marc Irvin, first vice president investments. “Class A neighborhood retail in the southeast continues to attract significant interest from across the country, which is keeping cap rates in check amid limited inventory.”
Irvin, an investment specialist in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private equity partnership and procured the buyer, a Tulsa, Oklahoma based private equity company.
Located at 1986 W Spring St., the 23,500-square-foot class A retail center is situated on the major intersection of Highway 138 and West Spring Street. The property comprises two separate parcels featuring a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building including a mix of national, regional, and local tenants. Additionally, there is a 0.37-acre vacant pad between Starbucks and Chick-fil-A included in the sale and currently not being utilized.
"We yielded over 20 offers on this asset – the majority of which required financing. Several of the lenders involved were changing debt requirements and interest rates for those borrowers, creating some unpredictable deal paths. Ultimately, we closed with a highly qualified, competitive all-cash offer with a non-exchange buyer,” says Marc Irvin, first vice president investments. “Class A neighborhood retail in the southeast continues to attract significant interest from across the country, which is keeping cap rates in check amid limited inventory.”
Irvin, an investment specialist in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private equity partnership and procured the buyer, a Tulsa, Oklahoma based private equity company.
Located at 1986 W Spring St., the 23,500-square-foot class A retail center is situated on the major intersection of Highway 138 and West Spring Street. The property comprises two separate parcels featuring a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building including a mix of national, regional, and local tenants. Additionally, there is a 0.37-acre vacant pad between Starbucks and Chick-fil-A included in the sale and currently not being utilized.
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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.
