Marcus & Millichap Inc.
01/13/2025 | Press release | Distributed by Public on 01/14/2025 17:27
Marcus & Millichap Arranges Sale and Financing of Grocery-Anchored Retail Center in Charleston Metro
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Marcus & Millichap Arranges Sale and Financing of Grocery-Anchored Retail Center in Charleston Metro
January 13, 2025
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GOOSE CREEK, S.C., Jan. 13, 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 and financing of Harbour Lake Plaza, a 62,198-square-foot shopping center in Goose Creek, South Carolina, for $8 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the financing.
"Our marketing efforts generated 15 offers, reflecting strong investor demand for both grocery-anchored centers and well-positioned markets in the Southeast," said David Gant, first vice president investments.
Marcus & Millichap's David Gant and Lori Schneider exclusively marketed the property on behalf of the seller, a private investor, while Ani Paulson and Allyssa Paragano procured the 1031 buyer. Benjamin Yelm is the firm's broker of record in South Carolina.
"We successfully facilitated the disposition of our client's Planet Fitness-anchored shopping center and guided them through a 1031 exchange into this Food Lion-anchored shopping center, along with two other high-quality properties," said Ani Paulson and Allyssa Paragano. "This property was selected due to Food Lion's recent 10-year lease renewal and its prime location within the Charleston MSA."
Located at 1316 Red Bank Road, Harbour Lake Plaza is anchored by Food Lion, which occupies 51.3% of the space. The center is 97.6% leased, with tenants including Rent-A-Center, Cricket Wireless, and H&R Block. Situated on a 10.24-acre lot near Interstate 26, the property offers access to major employers like Boeing and Bosch.
"Our marketing efforts generated 15 offers, reflecting strong investor demand for both grocery-anchored centers and well-positioned markets in the Southeast," said David Gant, first vice president investments.
Marcus & Millichap's David Gant and Lori Schneider exclusively marketed the property on behalf of the seller, a private investor, while Ani Paulson and Allyssa Paragano procured the 1031 buyer. Benjamin Yelm is the firm's broker of record in South Carolina.
"We successfully facilitated the disposition of our client's Planet Fitness-anchored shopping center and guided them through a 1031 exchange into this Food Lion-anchored shopping center, along with two other high-quality properties," said Ani Paulson and Allyssa Paragano. "This property was selected due to Food Lion's recent 10-year lease renewal and its prime location within the Charleston MSA."
Located at 1316 Red Bank Road, Harbour Lake Plaza is anchored by Food Lion, which occupies 51.3% of the space. The center is 97.6% leased, with tenants including Rent-A-Center, Cricket Wireless, and H&R Block. Situated on a 10.24-acre lot near Interstate 26, the property offers access to major employers like Boeing and Bosch.
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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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.