MMI Marcus & Millichap Inc.

$32.5 Million Power Center Sold by Marcus & Millichap

SPANISH FORT, Ala.--(BUSINESS WIRE)--

Marcus & Millichap (NYSE:MMI) today announced the sale of Eastern Shore Plaza, a 270,105-square-foot regional power center located in Spanish Fort, a suburb of Mobile, Alabama. The $32.5 million sales price equates to $120 per square foot.

Marcus & Millichap’s Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason, exclusively represented the seller, a private Alabama-based development group.

“During the course of the assignment, we were called on to utilize our brokerage and investment experience to overcome obstacles and mitigate risk caused by significant changes in the capital markets,” said Chetek.

“We leveraged our extensive relationships with buyers nationwide to procure offers that resulted in premium pricing for this asset,” added Perez.

Located at 10200 Eastern Shore Blvd. in Spanish Fort, Eastern Shore Plaza benefits from its proximity to Eastern Shore Centre, a 433,000-square-foot lifestyle center anchored by Belk and Dillard’s, and a Publix-anchored shopping center. Built in 2004, the center was 96 percent occupied at the time of the sale. The center’s national tenants include Ross Dress for Less, Best Buy, Michael’s, PetSmart, Cost Plus World Market, Old Navy, Dollar Tree, and Ashley Furniture.

Over the past 12 months, Chetek and Perez have closed approximately $150 million in commercial real estate investment transactions in Alabama, including the $52 million sale of Propst Promenade Power Center in Alabaster which they arranged on behalf of a 1031-exchange buyer. Michael J. Fasano, first vice president, is Marcus & Millichap’s broker of record in Alabama.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

EN
03/11/2016

Underlying

MMIMarcus & Millichap Inc.

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Marcus & Millichap Inc.

 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap’s IPA Capital Markets Arranges $61M Redevelopment F...

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)-- , a division of specializing in capital markets services for major private and institutional clients, announced today the $60.9 million refinancing of a 28.9-acre oceanfront redevelopment project located in Huntington Beach, California. Gary Mozer, executive managing director with IPA Capital Markets, secured an 18-month, non-recourse loan on behalf of a California-based investment and development firm. The project plan includes residential and hospitality development and was approved by the Huntington Beach City Council on September 17th, 2024. T...

March 7, 2025 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Institutional Property Advisors Advises Rockpoint and The Related Grou...

PHOENIX--(BUSINESS WIRE)-- , a division of , announced today that it advised Rockpoint and The Related Group (Related) on the sale of Town Deer Valley, a 388-unit multifamily asset in Phoenix, Arizona. The property sold for $131.1 million, which represents $337,887 per unit. “Town Deer Valley is perfectly positioned to capitalize on the unprecedented economic activity driven by Taiwan Semiconductor Manufacturing Company’s $65 billion chip manufacturing facility,” said Cliff David, IPA executive managing director. “The property’s architectural detailing, sophisticated unit finishes, and award...

February 11, 2025 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

$107 Million Construction Financing Arranged by Marcus & Millichap Cap...

ONTARIO, Calif.--(BUSINESS WIRE)-- , a leading provider of commercial real estate capital markets financing solutions, arranged $107 million in financing for the construction of a 384-unit multifamily asset with 26,000 square feet of retail space located at 4117 E Concours Street in Ontario, California. The project, which is adjacent to the Toyota Arena, will include several digital media signs. Stefen Chraghchian, senior director in MMCC’s Encino office, secured the financing with Affinius Capital and Bank OZK on behalf of Adept Urban Development. “We thank our client for their trust in o...

February 7, 2025 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap’s IPA Capital Markets Facilitates $165.9 Million Mu...

ALEXANDRIA, Va.--(BUSINESS WIRE)-- , a division of specializing in capital markets services for major private and institutional clients, has successfully arranged $165.9 million in financing on behalf of the DSF Group for the acquisition of the Town Square at Mark Center in Alexandria, Virginia. IPA Capital Markets in Los Angeles represented the borrower, the DSF Group, a Boston-based leader in multifamily investment. The Town Square at Mark Center is a 678-unit apartment and townhome community situated in one of Northern Virginia’s most dynamic submarkets. “The 98% occupied property repres...

February 4, 2025 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap Capital Corporation Arranges $89.6 Million Construc...

CHANHASSEN, Minn.--(BUSINESS WIRE)-- , a leading provider of commercial real estate capital markets financing solutions, arranged $89.6 million in financing for the construction of Bennett Apartments and Harlow Apartments, two adjacent multifamily projects located 15 miles southwest of Minneapolis in Chanhassen, Minnesota. Gary Sefcik in MMCC’s Manhattan office secured the financing. Kayne Anderson provided $77.5 million in senior proceeds and SteepRock Capital provided $12.1 million in mezzanine financing for the sponsor, Minnesota-based Roers Companies. “In addition to strong, locally ba...

January 30, 2025 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch