Wednesday, February 4, 2009

Marcus & Millichap Lists $28.5M Regional Shopping Center in Columbia, SC

COLUMBIA, SC, Feb.4, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Midtown at Forest Acres, (top right photo) a 690,594-square foot shopping center in Columbia.

The listing price of $28.5 million represents $41 per square foot.

Bill Kohlhepp, (middle left photo) a senior associate in Marcus & Millichap’s Fort Lauderdale office, is representing the seller, a Florida-based investment group.

“Midtown at Forest Acres is a perfect opportunity for an investor who is looking for a value-add asset to remodel, reposition or redevelop to conform to the demands of today’s shoppers,” says Kohlhepp. “Also, for the right investor, the seller will consider taking back a first mortgage.”

Located at 3400 Forest Drive, just outside downtown Columbia, the property is approximately three miles from the flagship campus of the University of South Carolina and from Fort Jackson, the United States Army’s largest training center.

Midtown at Forest Acres was developed in 1988 as an approximately 900,000-square foot enclosed shopping mall. The mall’s current 690,594 square feet of owned space is operating at approximately 61 percent occupancy with strong credit tenants, including Belk, Barnes & Noble, Foot Locker and Regal Cinemas.

Midtown at Forest Acres’ value is solidly supported by its 2,790-space parking garage, a significant amenity in a high-density area with significant barriers to entry.

Current rents at the shopping mall are well below market rate.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

No comments: