Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a multi-tenant retail center located at 1314 Bridford Parkway in Greensboro, North Carolina. The 46,000-square-foot property is leased to Ollie’s Bargain Outlet and Hot Buys Furniture. Ryan Roedersheimer of Stan Johnson Company represented the North Carolina-based seller, DMC Properties Inc. The asset was purchased by SPS Investment LLC, an individual investor from California. The property traded for $2.6 million at an 8.37 percent cap rate.
“Our seller completely understood today’s market conditions and was realistic in their pricing expectations,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “Because we priced the asset appropriately, we received multiple offers very close to our list price. In the end, we selected a California-based buyer who was attracted to the property due to its location in Greensboro’s more dominate retail corridor, as well as the complimentary tenant mix within the larger center.”
The dual-tenant retail property is part of the larger Landmark Crossing power center, with additional anchors including Floor & Décor and Tuesday Morning, among others. The diverse tenant mix serves to attract a variety of consumers, and growth projections for the immediate and surrounding areas are healthy. Discount retailers, even in today’s stable and strong economy, have been growing in popularity with shoppers and investors, and Ollie’s has been expanding to match demand. “The rise of Ollie’s as a strong operator of discount merchandise paired with lower market rents offered the buyer added assurance of this investment’s strength and ability to weather a future market downturn,” added Roedersheimer.
