Oct
23

Wal-Mart Sale Sets Record Low Cap Rate

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More evidence of a commercial real estate resurgence in Pensacola, Walmart Neighborhood Market has traded hand in Pensacola. The price for the 42,296-square-foot retail asset was $4.1 million.

Don McMinn and Zachary Taylor, both vice presidents investments in Marcus & Millichap’s Atlanta office, represented the seller, a Tennessee-based developer. Patrick Furlong, associate in the firm’s Seattle office, represented the buyer, a private 1031 investor. Kirk Felici, first vice president in the firm’s Miami office, is the firm’s broker of record in Florida.

“We eventually closed with an all-cash 1031-exchange private investor at a price that was 70 basis better points better than the seller’s expectations,” says McMinn. “The below 5% cap rate set a record at the time as the lowest cap rate for a Walmart Neighborhood Market. We are about to bring two more Walmart Neighborhood Market assets to market, one in Atlanta and one in Charleston.”

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