Marcus & Millichap Arranges the Sale of a 62,799 SF Retail Property

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 a 62,799-square-foot Food Lion-anchored shopping center located in Chesnee, SC. The retail property sold for $3.l million, according to Benjamin Yelm, regional manager of the firm’s Charleston office.

Ani Paulson and Pearce Vogler, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The listing team also secured and represented the buyer, another private investor.

“This exclusive listing was a great investment opportunity in the Greenville metropolitan statistical area. It has a diverse tenant mix that includes Food Lion and O’Reillys, two investment grade tenants with long lease terms,” said Paulson.

The shopping center is located at 712 S Alabama Ave in Chesnee, SC, with Food Lion occupying 69.87 percent of its gross leasable area. Resting on 5.58 acres, the center also features O’Reilly Auto Parts as a junior tenant with approximately seven years remaining in its triple-net lease. Other national retailers in the immediate area include Pizza Hut, Subway, Hardees and Dollar Tree.

“This property had a lot of interest and, with our high volume of cold calls and other aggressive marketing approaches, we were able to get great pricing and terms for our seller. The buyer was very happy to win the bid,” Paulson added.

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.