Hwy 55 Property in Weaverville, NC Sold for $2.83M

Weaverville, NC, March 18th, 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 Hwy 55 a 2,500-square-foot property located at 25 Northridge Commons Pkwy, Weaverville, NC, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $2,825,000.

Mark Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the opportunity to represent the buyer, a 1031 client based out of New York actively seeking a management free net leased asset.

“Situated as an outparcel to a thriving Walmart Supercenter, Lowe’s, Marshalls, and Hobby Lobby, Hwy 55 boasts an enviable location. With seamless access from Interstate 26 and Route 25, and a staggering combined traffic flow of over 67,000 vehicles per day, the site stands as a prime investment opportunity,” said Mark Krantz.

“The property featured a brand-new building constructed in 2023, accompanied by a fully triple net lease spanning twenty years with ten percent rental increases,” said Mark Krantz.

Mark Krantz further highlighted, “Hwy 55 represents the evolution of a burgeoning franchise concept originating from North Carolina. With a robust presence across 8 states encompassing over 115 locations, the franchise's trajectory underscores its sustained growth and market prominence.”

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About Marcus & Millichap, Inc. (NYSE: MMI) 

 

Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.