Marcus & Millichap has successfully arranged the sale of Westgate Plaza, a 51,213-square-foot retail center located in Kinston, NC. The property sold for $5 million at an impressive rate of $97.63 per square foot. Andrew Margulies and Harrison Creason from Marcus & Millichap had the exclusive listing to market this property on behalf of a North Carolina-based family office while the buyer was identified as a private partnership based in North Carolina itself.
Margulies commented that despite some negative news about commercial real estate today which is highly focused on office buildings; retail properties in many submarkets are still attractive investments due to their rising rents and steady occupancies caused by lack of new construction activity.
Westgate Plaza was built back in 1988 on 6 acres 97 acres with Harbor Freight Tools, Badcock Furniture and PetSense as its anchor tenants along with extra land for potential development opportunities down the line..
