Marcus & Millichap Negotiates $11.7M Sale of Shopping Center in Ruston, Louisiana
RUSTON, LA. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. Brian Munn of Marcus & Millichap represented the buyer, George Snelling.
“We sourced a private 1031 exchange buyer who was trading out of self-storage,” says Taylor about Snelling. “We have seen a notable trend of multifamily, industrial and self-storage sellers trading into retail to achieve a higher return.”