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 Decatur Mall Shops, an 8,061-square-foot retail property located at 1821 Beltline Rd SW in Decatur, AL. The asset sold for $4.55 million, according to Benjamin Yelm, regional manager of the firm’s Raleigh office.
Andrew Margulies and Harrison Creason, investment specialists in Marcus & Millichap’s Raleigh office, along with Benjamin Kapinos, of the firm’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Eddie Greenhalgh, Marcus & Millichap’s broker of record in Alabama, assisted in closing this transaction.
Constructed in 2017, Decatur Mall Shops is located on the highly visible signalized intersection of Beltline Road and Carridale Street – which sees 29,626 vehicles per day. The property is a fully occupied three-tenant retail strip that houses Aspen Dental, ATI Physical Therapy and Chicken Salad Chick. Additionally, it is less than a mile away from the Decatur Morgan Hospital Parkway Campus. Additional major points of interest in the immediate area include the Army National Guard, Publix, Lowe’s Home Improvement, Aldi, Walmart, Krispy Kreme and more.
“Decatur Mall Shops is unique because two of its three tenants, ATI Physical Therapy and Aspen Dental, are corporately leased medical users, while its third tenant is a well-known regional fast food restaurant with a drive-thru,” noted Creason. “Investors were particularly attracted to the property’s excellent location, quality construction, attractive leases and first-class tenants. As a result, we received multiple offers and the transaction closed at 99 percent of the seller’s asking price. Both the buyer and seller were out-of-state partnerships.”
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.
