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.

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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.

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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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“We generated very strong investor demand for the property whichspeaks directly to what's happening in the national marketplace forquality assets today, says Margulies. “We received 13 offersthroughout the marketing process and we saw the offer pricescontinue to rise as cap rates have continued to compress forsimilar types of assets this year. In the end, we closed at 99% ofthe asking price. ”

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The property is positioned in front of a Lowe's Home Improvementat 5416 Sunset Blvd. in Lexington. The building was completed in2014 with triple-net rents commencing in the third quarter.Marketing of the asset began prior to completion of construction,Marcus & Millichap states.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.