FAYETTEVILLE, N.C.--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale of Freedom Town Center, a 350,800-square-foot grocery-anchored shopping center in Fayetteville, North Carolina. The center sold for $83 million, which represents $236 per square foot.

"Over 99% occupied at the time of the sale by a roster of top national tenants, Freedom Town Center serves more than 4 million customers annually," said Steven Siegel, IPA senior managing director. Siegel arranged the sale on behalf of the principals. The seller is New York-based Triple Net Group and the purchaser is an investment group in a 1031 exchange. Ben Yelm, vice president and regional manager, is Marcus & Millichap's broker of record in North Carolina.

Built in 2017 on 38 acres, Freedom Town Center is located in Fayetteville's main retail area. Downtown Fayetteville and Fort Bragg, one of the world's largest military bases, are nearby. Major tenants include Sprouts, Dick's Sporting Goods, Hobby Lobby, Field & Stream, Home Goods, Burkes Outlet, Petco, Buy Buy Baby, DSW, World Market, Five Below, Osh Kosh B'Gosh, and Five Guys.

More on S For Story

• $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
• West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
• The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
• Kimberley Strunk's Inspiring New Book, "Jumping Boundaries,"
• Casting Pro Darya Balyura Named Judge for 2025 Meals 4 Monologues Virtual Showcase

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE:MMI), a leading commercial real estate services firm in North America. IPA's combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About Marcus & Millichap, Inc. (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.

More on S For Story

• "Even the Crumbs Are Enough" — New Book Ignites Faith in a Time of Silence, Doubt, and Spiritual Exhaustion
• Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
• Revolutionize Your Classroom with Dr. Hattie N. Washington's New AI Toolkit for Teachers
• New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
• The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side

Contacts

Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com

---

Show All News | Report Violation