Marcus & Millichap : Auctions Claremont Commons Retail Center for $2.66 Million

CLAREMONT, N.C., Mar. 27, 2024 - 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 Claremont Commons, a 37,160-square-foot retail center, in Claremont, North Carolina, for $2,660,000.

"The sale of Claremont Commons is a great example of the strong buyer demand nationally for shopping centers in the Carolinas anchored by national tenants and with the potential to create future value," said Andrew Margulies, senior vice president. "While Claremont is a small market, the property was 82% leased at the time of the sale, and the buyer will have the potential to lease the vacant space, which should improve the future value. As a result of this potential, the auction process was highly competitive, with 20 registered bidders, and the sale price exceeded expectations."

Margulies and Harrison Creason, investment specialist in Marcus & Millichap's Charleston and Raleigh offices, had the exclusive listing to market the property on behalf of the seller, a Baltimore-based LLC. Margulies and Creason collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap's Commercial Property Auction Services to market the asset and secured the buyer. Benjamin Yelm, Broker of Record in the Carolinas, assisted in closing the transaction.

The retail center is located at 3027-3035 Centennial Blvd., situated in Catawba County along Centennial Boulevard and North Oxford Street with daily traffic counts of 13,062 vehicles per day. The center is positioned within a primary retail corridor and is 82% occupied, comprising six national and local tenants including Dollar Tree, Family Dollar, and Subway.