IRMO, SC, December 18, 2020 – 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 Ballentine Market, a 51,010-square-foot retail property located in Irmo, South Carolina, according to Benjamin Yelm, regional manager of the firm’s Raleigh office. The asset sold for $4,050,000.
Harrison Creason, senior associate in Marcus & Millichap’s Charleston office, and Andrew Margulies, senior vice president investments in Marcus & Millichap’s Raleigh office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in North Carolina. The buyer was a private investor based in Georgia.
“The strong investor demand that we saw for Ballentine Market was indicative of a trend we’ve seen throughout 2020 for the various shopping centers we’ve sold,” said Creason.
“Buyers have flocked to properties anchored by essential businesses. Ballentine Market has a grocery store and a liquor store which have both performed well throughout the pandemic and that type of stability resonates with investors, which ultimately results in aggressive pricing.”
Ballentine Market is located at 1331 Dutch Fork Rd in Irmo, South Carolina. The property was constructed in 1987 on 6.46 acres at the corner of Dutch Fork Road and A J Amick Road. Food Lion has been the anchor tenant of this strip center for the last 33 years.
# # #
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.
SCBIZtv is part of the SC Biz News family, serving 100,000 high-level business execs throughout South Carolina. Click for more from SCBIZtv.