Marcus & Millichap Brokers $23.5 Million Grocery-Anchored Shopping Center Sale in North Carolina
HIGH POINT, N.C., Dec. 29, 2020 – 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 the High Point Harris Teeter Center, a 192,548 square-foot shopping center anchored by Harris Teeter, TJ Maxx, Ross, and Staples. Located in High Point, North Carolina, the property sold for $23.5 million.
“The very positive market response I experienced demonstrates that demand exists for properties that are anticipated to have economic staying power, despite current concerns caused by the global pandemic,” said Lori Schneider, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. “Retail property is highly scrutinized but investors are active. Execution of the transaction was reminiscent of pre-pandemic assignments, even though sales of comparable $20 million-plus power/grocery-anchored shopping centers are less than half of their previous levels,” Schneider continued. “Appropriately positioned and brought to market in mid-September, I received exceptionally high interest from a large group of private buyers and pricing consensus was not an issue.” Schneider represented the seller, a private investor, and procured the buyer, First National Realty Partners. Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.
Originally built in 1975, the High Point Harris Teeter Center was 100% occupied at the time of the sale by a desirable mix of tenants, and the out parcels were included. The seller had owned the property for over 20 years, and the buyer is a rapidly expanding investment group.
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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.