Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Net-Leased Retail Property in Chapel Hill Trades for $32M
Marcus & Millichap has arranged the $32 million sale of a 99,000-square-foot single tenant retail property net-leased to Wegmans Food Market in Chapel Hill. The property is located on Durham-Chapel Hill Boulevard between U.S. Route 15 and Interstate 40.
Alvin Mansour and Kevin Mansour of Marcus & Millichap’s San Diego office, along with Glen Kunofsky of the NNN Pro Group of Marcus & Millichap in Manhattan, represented the seller, Leon Capital Group, in the transaction. The buyer was a national real estate investment trust. Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.
“Demand for grocery and other essential net-leased properties is the strongest I’ve seen in my career,” said Alvin Mansour. “We generated multiple offers from coast to coast, which created a competitive bidding process that ultimately resulted in a full price offer. The transaction closed in 30 days and over five months prior to the store’s target opening date.”
For comments, questions or concerns, please contact David Cohen
- ◦Lease
