$12.8 Million Buys North Carolina Shopping Center

HOLLY SPRINGS, N.C. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Sunset Lake Commons (top left photo), a shopping center located in Holly Springs, an affluent Raleigh suburb. The sales price is $12,815,000, which represents $145 per square foot.

 Daniel A. “Sonny” Molloy (middle right photo), a vice president investments in the firm’s Atlanta office and Brad Nathanson (middle left photo), a vice president investments in the Philadelphia office, represented the seller, the original developer of the property, Raleigh-based J&H of Holly Springs LLC.

Nathanson and Molloy also represented the buyer, The Rosen Group Inc. Allen Smith, Marcus & Millichap’s broker of record for North Carolina, assisted in the transaction.

“Sunset Lake Commons is 97 percent occupied, which speaks to the desirability of the market and to the advantage of being a co-tenant with one of the most successful grocery store operations in the Mid-Atlantic,” says Molloy. “Harris Teeter is a 205-store full-service grocery chain that operates in eight states with sales of $4.1 billion in fiscal year 2010.”

 “Given the lack of new inventory delivered to the market, there was a tremendous demand for this center from a national buyer base,” adds Nathanson.

 “The strong population growth within the Raleigh MSA, the appeal of owning the dominate grocer within that market and the attractiveness of owning Sunset Lake Commons also contributed to the receipt of multiple offers. The sale was subject to an existing loan assumption,” adds Nathanson.

 Built in 2005, the property is located at 5277 Sunset Lake Road in Holly Springs, one of the fastest-growing towns in North Carolina. The average income within one-mile of the property is $109,594 and the median income within one mile is $100,479.

 In addition to the 48,000-square foot grocery store tenanted by Harris Teeter, the property features 32,000 square feet of small shop space and two pad sites.

Harris Teeter is a wholly owned subsidiary of the Ruddick Corp., a publicly traded company listed on the New York Stock Exchange as RDK.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716