Apr
23

Fresh Market Sells at 7.25% Cap Rate

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Ackerman & Co has brokered the sale of a grocery store in Winston Salem, NC for $4,640,000 to The Fresh Market. Part of the Mount Tabor Place Development, the property is located along the busy Robinhood Road Corridor near Wake Forest University and is adjacent to major retailers CVS, Starbuck’s, PNC Bank.

The Ackerman & Co. investment sales team of Sean Patrick and Jason Powell represented the seller (and developer), Mount Tabor Place II, LLC in the transaction. The property was purchased by COLE Capital. This sale represented unique ability to purchase a single-tenant Fresh Market with great sales in a strong submarket.

The building is 21,018 square feet and was built in 2007. Based upon information provided, the cap rate was 7.25% with the NOI calculated as gross rent less a 3% management fee. The lease has approximately ten years remaining on its 15 year term.

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    Categories : Winston-Salem

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