RALEIGH, NC-The Shoppes of Heritage, a 21,860-square-foot retail center in Wake Forest, traded for $3.6 million. The class B strip center is 100% leased.
Andrew Margulies in Marcus & Millichap's Raleigh office represented the seller, a private partnership based in Raleigh. The buyer is a private investor based in Chapel Hill. BB&T financed the deal.
“The sale of Shoppes of Heritage helps prove the strength of the commercial real estate market in the Raleigh-Durham area,” Marguilies tells GlobeSt.com. “Properties with good fundamentals continue to receive significant interest from investors and lenders.”
Built in 2005, Shoppes of Heritage sits on 2.36 acres at 3325 Rogers Rd. The tenant mix includes regional and local brands such as Little Caesar's, O'Dwyer's Pub, Triangle Dry Cleaning, Davinci's Pork Store, Wine 101, State Farm Insurance, Sunset Rayz, Wine & Design, Amy Nails and Hair 180.
During the marketing process, Marguilies says the listing agent received several offers from buyers in multiple states. In 2011, Marcus & Millichap has closed 57 retail and single-tenant transactions in the Carolinas, a 24% increase over 2010.
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