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 Wegmans Food Market in Chapel Hill, North Carolina. The 99,000-square-foot single-tenant net-leased asset sold for just over $32 million.
“Demand for grocery and other essential net-leased properties is the strongest I’ve seen in my career,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “We generated multiple offers from coast to coast, which created a competitive bidding process that ultimately resulted in a full price offer. The transaction closed in 30 days and over five months prior to the store’s target opening date.” Alvin Mansour and Kevin Mansour in Marcus & Millichap’s San Diego office, and Glen Kunofsky, executive managing director investments and founder of the NNN Pro Group of Marcus & Millichap in Manhattan, represented the seller and procured the buyer, a national real estate investment trust. Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.
Dallas, Texas-based Fernando de Leon, founder and CEO of Leon Capital Group, is the developer of the Wegmans project. “This was a complex deal with different moving parts that Alvin Mansour and Glen Kunofsky managed well, especially in relation to transaction timing,” relayed de Leon. “This Wegmans opens early next year, and we are really proud of the project and look forward to bringing more of this asset class to the market.” The property is located on Durham-Chapel Hill Boulevard between U.S. Route 15 and Interstate 40.
“We had multiple offers on the property that enabled us to achieve a full price sale within a timeframe that aligned with the goals of the seller,” added Kunofsky.
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 9,726 transactions in 2019 with a value of approximately $50 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.