South Carolina

GREER, S.C. — Marcus & Millichap has arranged the $2.4 million sale of Orangetheory Fitness Strip Center, an outparcel to Riverside Crossing Shopping Center, in Greer. The 6,500-square-foot outparcel is leased to Orangetheory Fitness, Greenfield’s Bagels & Deli and Stevenson Tax & Accounting. The sale is the final piece of the Riverside Crossing Shopping Center portfolio, which comprises a Lowe’s Foods grocery-anchored shopping center and two outparcels totaling 58,358 square feet. The asset is located at 870 E. Suber Road, 10 miles east of downtown Greenville. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller, EA Riverside OP3 LLC, in the transaction. The buyer, VLH Hiawatha LLC, was completing a 1031 exchange. “When evaluating the sale, we concluded the best way to maximize proceeds was to sell the center as three separate offerings to three separate investors,” says Taylor. “By taking this parcelization approach, we achieved a blended cap rate that was 25 basis points lower and netted the seller an additional $600,000 in value.” The three parcels sold for a total of $17.4 million.

CAMDEN, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC, a privately held 1031 exchange investor, acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the sale of a property ground-leased to Chick-fil-A and the sale of a 146,000-square-foot shopping center anchored by Hobby Lobby and Marshalls. The three segments sold to separate investors for $16.1 million. “This project was a perfect example of how implementing a parcellated disposition strategy will often net sellers significant additional proceeds versus a single shopping center sale inclusive of all outparcels and anchors,” says Taylor. “This approach has become the industry standard over the past six months for our clients, both private and institutional.”