Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Statesboro Crossing, a 155,185-square-foot regional power center in Statesboro, Georgia. The sales price is $21.5 million.
Zach Taylor and Don McMinn in Marcus & Millichap’s Atlanta office represented the seller, CBL Properties, a publicly traded real estate investment trust. The buyer, Morrison Investment Group LLC, is a private family business.
“This transaction is a prime example of the changing buyer profile for large shopping centers in secondary markets,” comments Taylor. “Since 2014, private investors have increased their market share for $20 million shopping centers by 58 percent. Marcus & Millichap has the best platform for accessing this buyer pool, which has filled the void left by institutional investors.”
Built in 2008, Statesboro Crossing is located under two miles from Georgia Southern University. The shopping center is situated on approximately 50 acres and is home to tenants that include T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports, ULTA, and Olive Garden.
Taylor and McMinn are founding members of the Taylor McMinn Retail Group. Specializing in the disposition of shopping centers and net-lease properties, the team has completed more than 350 transactions in 35 states valued at over $1 billion. Taylor specializes in shopping centers and McMinn focuses on net-leased dispositions nationwide. For more information about the Taylor McMinn team, visit: www.TaylorMcMinn.com
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
