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 Paradise Shoppes of Monroe, Georgia. The asset was sold for $7.5 million.
“We yielded over 20 offers on this asset – the majority of which required financing. Several of the lenders involved were changing debt requirements and interest rates for those borrowers, creating some unpredictable deal paths. Ultimately, we closed with a highly qualified, competitive all-cash offer with a non-exchange buyer,” says Marc Irvin, first vice president investments. “Class A neighborhood retail in the southeast continues to attract significant interest from across the country, which is keeping cap rates in check amid limited inventory.”
Irvin, an investment specialist in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private equity partnership, and procured the buyer, a Tulsa, Oklahoma-based private equity company.
Located at 1986 W Spring St., the 23,500-square-foot class A retail center is situated on the major intersection of Highway 138 and West Spring Street. The property comprises two separate parcels featuring a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building including a mix of national, regional, and local tenants. Additionally, there is a 0.37-acre vacant pad between Starbucks and Chick-fil-A included in the sale and currently not being utilized.
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