Northmarq announces $4.25M sale of Shoppes at Brevard Place in Brevard, North Carolina
ATLANTA (Nov. 2, 2023) — Billy Benedict of Northmarq’s Atlanta office facilitated the sale of an 11,801 sq. ft. multi-tenant retail property located at 192 Asheville Highway in Brevard, North Carolina. Northmarq represented both the seller, Brevard Partners of Tennessee, and the buyer, GL Brevard Shoppers, LLC in the transaction.
“With this sought-after tenant mix and our positioning of the asset, we were able to generate record breaking offering memorandum downloads in the first week of marketing.” Said Benedict. “The asset posed challenges with two vacant first-generation spaces that had remained unleased for three years. Drawing on my leasing experience, I generated tenant interest in these spaces, which helped investors feel comfortable with attaining 100% occupancy.”
Shoppes at Brevard Place (constructed in 2020) was 76% occupied at the time of the sale. Tenants of the property include Starbucks, Jersey Mike’s, Salsarita’s, Mommy & Me and AT&T. Situated just 25 miles southwest of downtown Asheville, the retail property occupies a prominent and high-traffic location on United States Highway 64. Other national tenants in the vicinity include Dunkin' Donuts, Zaxby’s, Wendy’s, Aldi, Arby’s, and Walmart.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
