Marcus & Millichap : Arranges Sale of Kings Bay Village Shopping Center for $5.6 Million
September 09, 2022 at 04:20 pm
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Marcus & Millichap Arranges Sale of Kings Bay Village Shopping Center for $5.6 Million
September 09, 2022
ST. MARYS, Ga., Sept. 9, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Kings Bay Village, a 17-suite shopping center in St. Mary's, Georgia. The 122,427-square-foot asset sits on 15.01 acres and sold for $5,600,000.
Built in 1990 on 15.01 acres, the 93% occupied center is comprised of 11 local and national tenants, including Belk and Kings Bay Cinemas. The price equated to $45.74 a square foot.
"Through the pandemic the tertiary markets, such as Saint Mary's, GA, have bounced back with strong retail sales during the summer months," said Simon V. Grigoryan, vice president of investments. "Both, Belk and Georgia Theater are trending back towards their pre-Covid-19 sales numbers."
Grigoryan and Edwinn Bruchman of the Simon Retail Group, southeast shopping center specialists in Marcus & Millichap's Jacksonville office, had the exclusive listing to market the property on behalf of the seller, Saint Smitty, LLC. The California-based real estate investment company sold the retail space at 113 City Smitty Drive to Water Land, LLC, a company in Miami, Florida. John Leonard, Marcus & Millichap's broker of record in Georgia, assisted in closing the transaction.
Kings Bay Village Shopping Center is located on the signalized corner of Osborn Road and Charlie Smith Sr Highway, about 4 miles from King's Bay Naval Base, a 16,000-acre United States Navy base in Georgia.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 09 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2022 20:19:12 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
