Sep
11

Wal-Mart Neighborhood Market Sold at Sub-5% Cap Rate

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wal mart market soldMarcus & Millichap has arranged the sale of a 41,179-square-foot Walmart Neighborhood Market ground lease in Spartanburg, S.C. The sales price is $5,537,000. The property is a brand-new build-to-suit Walmart Neighborhood Market that opened for business in July 2015 with a 20-year corporate-guaranteed triple-net ground lease. The store is located at  203 Cedar Springs Road in Spartanburg. According to Loopnet, the asking cap rate was 4.75%.

“We were able to create broad exposure on our national platform, received strong interest, and generated multiple offers,” says McMinn. “We eventually closed at the list price with a cap rate in the upper fours, which is one of the lowest cap rates recorded to date for a Walmart Neighborhood Market. We previously sold another Walmart Market in Pensacola, Fla. and are currently marketing three more in South Carolina,” McMinn adds.

Don McMinn and Zach Taylor, vice presidents investments in Marcus & Millichap’s Atlanta office and principals of the Taylor McMinn Team, represented the seller. The buyer is an all-cash 1031 exchange investor.

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    Categories : Spartanburg

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