Press Releases
Marcus & Millichap Brokers $4.2M Sale of Big Lots-Anchored Retail Strip in South Carolina
December 03, 2024
WEST COLUMBIA, S.C., Dec. 3, 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 Woodberry Plaza, a 6-suite retail strip property located in West Columbia, South Carolina. The property sold for $4.2 million.
“Our client already had a presence in the Columbia MSA and was looking to expand his holdings further in the market,” said Allyssa Paragano, associate. “We identified Woodberry Plaza as an opportunity for him in terms of long-term growth, not only in the tenant mix but also with the additional acreage included in the deal.”
Paragano and Ani Paulson, investment specialists in Marcus & Millichap’s Charleston and Atlanta offices, procured the buyer, an affiliate of Nova Management.
“Despite the negative press surrounding Big Lots store closures, our client remained undeterred,” said Paulson, first vice president of investments. “He was prepared to assume the vacancy if Big Lots had decided to vacate, but fortunately, it appears the store will remain open for the time being, as it is one of their top performers in the state. With retail vacancy rates staying low, it’s helping some buyers feel more confident about taking such risks.”
Woodberry Plaza is located on 13.48 acres at 3230-3260 Augusta Road. The 84,110-square-foot shopping center is fully leased and has been without a vacancy for more than four years. The property is just off Interstate 26, situated in the primary retail corridor of the West Columbia submarket, with nearby retailers including Walmart, Lowe’s, Aldi and others.
“Our client already had a presence in the Columbia MSA and was looking to expand his holdings further in the market,” said Allyssa Paragano, associate. “We identified Woodberry Plaza as an opportunity for him in terms of long-term growth, not only in the tenant mix but also with the additional acreage included in the deal.”
Paragano and Ani Paulson, investment specialists in Marcus & Millichap’s Charleston and Atlanta offices, procured the buyer, an affiliate of Nova Management.
“Despite the negative press surrounding Big Lots store closures, our client remained undeterred,” said Paulson, first vice president of investments. “He was prepared to assume the vacancy if Big Lots had decided to vacate, but fortunately, it appears the store will remain open for the time being, as it is one of their top performers in the state. With retail vacancy rates staying low, it’s helping some buyers feel more confident about taking such risks.”
Woodberry Plaza is located on 13.48 acres at 3230-3260 Augusta Road. The 84,110-square-foot shopping center is fully leased and has been without a vacancy for more than four years. The property is just off Interstate 26, situated in the primary retail corridor of the West Columbia submarket, with nearby retailers including Walmart, Lowe’s, Aldi and others.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
