By Joshua Burd
A private investor has sold an 84,000-square-foot retail property in North Carolina, under a newly completed deal by Marcus & Millichap’s New Jersey office.
The firm announced last week that it represented the seller of the net-leased property, a Dick’s Sporting Goods store at 4323 Barclay Downs Drive in Charlotte. A syndicator of foreign equity acquired the single-tenant asset for $16.825 million.
Karly Iacono, vice president with Marcus & Millichap’s National Retail Group, marketed the property on behalf of the seller.
“We were pleased to achieve 99 percent of list price despite the market challenges of two-story big-box retail,” said Iacono, who is based in the firm’s Saddle Brook office.
Marcus also noted that the acquisition was heavily dependent on getting competitive financing, which was sourced by Rick Lechtman and Dan Lisser of Marcus & Millichap Capital Corp. The team ultimately arranged $10.9 million in acquisition financing.
“We focused on analyzing the best long-term permanent loan financing scenarios for our client,” Lisser said. “In the end, we secured a lender who provided a ten-year full-term interest only solution which enhanced the client’s cash on cash returns for their investors through the investment hold period.”