The shopping strip, built in 2018 on 3.19-acres, is shadow-anchored by a Walmart Supercenter and 94% occupied by local and national retailers at the time of closing. The deal included a master lease of 2,800-square-feet by the seller.
“We received multiple offers within a couple of weeks due to our compelling campaign. The qualified buyer won the deal by presenting multiple improved offers with non-refundable money on day one,” said Al Taf, first vice president investments in Marcus & Millichap’s Atlanta office.
Taf had the exclusive listing to market the property on behalf of the seller, WRS Inc. Real Estate Investments. SouthCoast, co-founded by John Morgan Jr., purchased the property and was procured by Taf.
“As always, Taf and Marcus & Millichap’s team did a great job of exposing the deal to the market, finding a qualified buyer, helping establish a relationship and being available to assist in all aspects of the deal,” said Arthur Kepes, vice president and CFO of WRS Inc.
Ben Yelm, Marcus & Millichap’s broker of record in South Carolina, assisted in closing the transaction.
Island Shops, located at 277 Sea Island Parkway, within three miles of the University of South Carolina, Marine Corps Air Station Beaufort, Beaufort Memorial Hospital, the largest medical facility between Savannah, Ga. and Charleston, S.C.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.