Marcus & Millichap Arranges Sale of North Carolina Shopping Center
Andrew Margulies and Harrison Creason, investment specialists with Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a North Carolina-based family office. The buyer is a North Carolina-based private partnership.
“Despite some negative news about commercial real estate today, which is highly focused on office buildings, retail properties in many submarkets are attractive investments,” says Margulies. “Retail rents have continued to rise while occupancies have remained steady due to a lack of new construction.
“While Kinston is a relatively small market in eastern North Carolina, Westgate Plaza is positioned in the heart of the regional trade area, surrounded by national retailers like Walmart, Lowe’s and Chick-Fil-A,” added Creason. “During the marketing process, we received multiple offers and closed at 97-percent of list price with a regional buyer who secured new bank financing.”
Westgate Plaza is located at 4150 and 4130 W Vernon Avenue in Kinston. Built in 1988 on 6.97 acres, it is anchored by Harbor Freight Tools, Badcock Furniture and PetSense. The property has a strong history of occupancy and includes extra land for potential future development.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.