CARY, NC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Stonebridge Village (top left photo), an 85,499-square foot shopping center in Cary, a community located near Raleigh, N.C.
The sales price is $14,325,000, which represents $168 per square foot, the second-highest price per square foot achieved by similarly sized grocery-anchored shopping center transactions in North Carolina this year.
Daniel A. “Sonny” Molloy (middle right photo), a vice president of investments in the firm’s Atlanta office represented the seller, 1st Carolina Properties.“Harris Teeter grocery-anchored centers and grocery centers in general are in extremely high demand right now,” says Molloy. “We received a lot of activity and attention during the marketing of this asset. The strong response enabled us to locate an optimal buyer who wanted to invest capital in the Research Triangle area,” adds Molloy.
“The center is particularly attractive because Harris Teeter is on a ground lease with approximately 18 years in lease term remaining,” Molloy continues. “The transaction proceeded smoothly.”
The center is located at 3430 Ten Ten Road at the intersection of Kildaire Farm Road and Ten Ten Road, which has an average traffic count of 28,000 vehicles per day. The estimated population within a five-mile radius of the property is 154,884 residents. The local population has grown by 32 percent since 2000 and is expected to expand by another 11.93 percent during the next five years.
Stonebridge Village was built in 2007 on 11 acres. Major tenants include Allen Tate Realtors, Allstate, Chef’s Palette, Dunkin’ Donuts, Fantastic Sams, Triangle Optometry and Urgent Care of Cary.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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