LEXINGTON SC—The sale of a well-positioned 100% leased shoppingcenter here highlights a number of prevailing national trends inthe retail sales market, one being the significant investorinterest the asset generated.
Marcus & Millichap says more than a dozeninvestors competed for a two-tenant retail building here totaling8,700-square feet. Raj Ravi, regional manager of the firm's Raleighoffice, reports the asset sold for $4 million or within an eye lashof the asking price thanks to the heated competition for theproperty that is 100% leased to Mattress Firm and Panera Bread.
Andrew Margulies, associate vice president ofinvestments with Marcus & Millichap, exclusively representedthe seller, a North Carolina-based developer. DrewBabcock, SC Broker of Record, assisted in closing thetransaction. The buyer is a California family partnership.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
