Marcus & Millichap Arranges $2.4M Sale of Retail Strip Center in Upstate 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.