$83 Million Grocery-Anchored Shopping Center Sale in North Carolina Closed by Institutional Property Advisors
May 13 2022 - 6:06PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Freedom Town
Center, a 350,800-square-foot grocery-anchored shopping center in
Fayetteville, North Carolina. The center sold for $83 million,
which represents $236 per square foot.
“Over 99% occupied at the time of the sale by a roster of top
national tenants, Freedom Town Center serves more than 4 million
customers annually,” said Steven Siegel, IPA senior managing
director. Siegel arranged the sale on behalf of the principals. The
seller is New York-based Triple Net Group and the purchaser is an
investment group in a 1031 exchange. Ben Yelm, vice president and
regional manager, is Marcus & Millichap’s broker of record in
North Carolina.
Built in 2017 on 38 acres, Freedom Town Center is located in
Fayetteville’s main retail area. Downtown Fayetteville and Fort
Bragg, one of the world’s largest military bases, are nearby. Major
tenants include Sprouts, Dick’s Sporting Goods, Hobby Lobby, Field
& Stream, Home Goods, Burkes Outlet, Petco, Buy Buy Baby, DSW,
World Market, Five Below, Osh Kosh B’Gosh, and Five Guys.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE:MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
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, 2021, the company had 1,994
investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220513005532/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jul 2023 to Jul 2024