Press Releases
Marcus & Millichap Brokers Sale of Walmart Supercenter-Anchored New Bern Plaza Retail Portfolio in Raleigh, North Carolina
June 09, 2025
RALEIGH, N.C., June 9, 2025 – 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 a six-parcel retail portfolio in Raleigh, North Carolina.
“There was strong competition for this asset, which speaks to the depth of buyer demand for shopping centers in the Raleigh-Durham market,” said Andrew Margulies, senior managing director investments. “We received more than a dozen offers during the marketing process, a clear indicator of investor confidence in well-located, income-producing assets.”
Margulies, Harrison Creason and Patrick Barratt, investment specialists in Marcus & Millichap’s Raleigh and Charleston offices, had the exclusive listing to market the property on behalf of the seller, Widewaters, and procured the buyer, Neighborhood Grocery Catalyst Fund LLC (“NGCF”), a joint venture co-managed by members Phillips Edison and Lafayette Square USA, Inc.
“Retail investment activity in the Raleigh-Durham area remains highly competitive, and we expect values to modestly improve based on the supply/demand imbalance,” added Margulies. “If interest rates decline in the coming year without a recession, we could see cap rates compress slightly, driving values even higher.”
The asset is located along New Bern Avenue and includes four multi-tenant retail buildings and two single-tenant properties, totaling approximately 58,721 square feet on 8.44 acres. The property features a mix of retail, medical and restaurant tenants, including UNC Healthcare, AutoZone, Starbucks and Wing Stop. New Bern Plaza is anchored by a strong performing and recently remodeled Walmart Supercenter.
“There was strong competition for this asset, which speaks to the depth of buyer demand for shopping centers in the Raleigh-Durham market,” said Andrew Margulies, senior managing director investments. “We received more than a dozen offers during the marketing process, a clear indicator of investor confidence in well-located, income-producing assets.”
Margulies, Harrison Creason and Patrick Barratt, investment specialists in Marcus & Millichap’s Raleigh and Charleston offices, had the exclusive listing to market the property on behalf of the seller, Widewaters, and procured the buyer, Neighborhood Grocery Catalyst Fund LLC (“NGCF”), a joint venture co-managed by members Phillips Edison and Lafayette Square USA, Inc.
“Retail investment activity in the Raleigh-Durham area remains highly competitive, and we expect values to modestly improve based on the supply/demand imbalance,” added Margulies. “If interest rates decline in the coming year without a recession, we could see cap rates compress slightly, driving values even higher.”
The asset is located along New Bern Avenue and includes four multi-tenant retail buildings and two single-tenant properties, totaling approximately 58,721 square feet on 8.44 acres. The property features a mix of retail, medical and restaurant tenants, including UNC Healthcare, AutoZone, Starbucks and Wing Stop. New Bern Plaza is anchored by a strong performing and recently remodeled Walmart Supercenter.
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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.
