Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Hinesville Central, a 41,800-square-foot retail center anchored by a Walmart Supercenter in Hinesville. The property sold for $10.3 million at 7.1% Cap.
“I am grateful for the relationships and 26 years of experience in commercial real estate brokerage,” said Al Taf, first vice president investments in the Marcus & Millichap Atlanta office. “I use this to the benefit of my clients to secure the most qualified buyer.”
Taf had the exclusive listing to market the property on behalf of the seller, a 104-year-old private company based in Georgia. The buyer, a private investor, was procured by Brian Munn, an investment specialist in Marcus & Millichap’s Atlanta office.
“The asset radiates awesome synergy with notable retailers in the area combined with a balanced tenant mix of its own that includes apparel, footwear, restaurants and service-oriented tenants,” added Munn. “More than 50% of the space is occupied by well-established businesses of more than 20 years, which reflects long-term stability.”
Hinesville Central is located at 755 Oglethorpe Highway. The property benefits from multiple access points, including recently constructed connection to Frank Cochran Drive and fully signalized U.S. Highway 84 (Oglethorpe Highway) where the primary entrance is located.