$29 Million Shopping Center Sale Brokered by Marcus & Millichap
SOUTHERN PINES, N.C., Jan. 9, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Southern Pines Village, a 179,276-square-foot shopping center in Southern Pines, North Carolina. Situated within the Carolina Sandhills, the center is anchored by Kohl’s, Hobby Lobby, Ulta Salon, Dollar Tree, and a Long Horn Steakhouse ground lease. The world-famous Pinehurst Resort is nearby, and Fort Bragg is within commuting distance. The property sold for $29 million.
“We received multiple offers from investors attracted to the center’s tenant mix, the 77 percent of gross leasable area occupied by national tenants with strong credit on leases that extend through 2027, and the property’s high-barrier-to-entry location,” said Julia Evinger, senior associate in Marcus & Millichap’s Indianapolis office.
Evinger, Nathan Whalen and Jeremie Johnson, first vice presidents investments, and Damien Yoder, senior associate, represented the seller, Hendricks Commercial Properties. Ashish Vakhariya, first vice president investments and Seth Haron, senior associate, both in Marcus & Millichap’s Detroit office, procured the buyer, a Midwest-based private investor. Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.
Built on nearly 19 acres in 2011-2013, Southern Pines Village is situated in the center of Southern Pines’ retail corridor and is easily accessible from Route 15-501 and U.S. Highway 1. The property is surrounded by major retailers including Lowe’s, Walmart Supercenter, Best Buy, Ross, Dick’s Sporting Goods, Big Lots and Sears and the Pinehurst Resort, which has nine 18-hole championship golf courses and attracts more than 1.3 million tourists annually.
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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.