Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Courtyard at Falls Valley, a 23,789-square foot retail property located in Raleigh, NC, according to Benjamin Yelm, regional manager of the firm’s Raleigh office. The asset sold for $3,800,000.
“The building was empty for several years, and when the Landlord decided to sell, they hired us to market the asset to the widest possible audience of buyers,” says Andrew Margulies, senior vice president of investments. “There is a lot of demand for vacant buildings in the Raleigh-Durham area from investors, developers, and owner-occupiers, which places upward pressure on property values. We received several competitive offers and it closed at the Seller’s asking price.”
Both Andrew Margulies and Charles Gallagher, a senior associate with Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Raleigh, NC.
Courtyard at Falls Valley is located at 1920 Falls Valley Dr in Raleigh, NC, with convenient access to Interstate 540. Built in 2008 as a fitness center, property presented a redevelopment opportunity for retail or office space. The asset features two buildings connected by an enclosed walkway, and the property sits on approximately 3.46 acres and contains 103 parking spaces.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
