Marcus & Millichap Sells NC Net-Leased Wegmans
The 99,000-square-foot, Wegmans Food Market sold for $32 million and is expected to open in early 2021.
CHAPEL HILL, NC – Globest.com exclusively reports that Marcus & Millichap has arranged the more than $32 million sale of a 99,000-square-foot, net-leased asset in Chapel Hill, NC.
The single-tenant asset is leased to Wegmans Food Market.
Located on Durham-Chapel Hill Blvd, between US Rte. 15 and Interstate 40, the store is scheduled to open in early 2021.
Representing the seller and procuring a national REIT as the buyer was Alvin Mansour and Kevin Mansour of the Mansour Group of Marcus & Millichap, alongside founder and executive managing director of investments of the NNN Pro Group of Marcus in Millichap, Glen Kunofsky. Ben Yelm serves as Marcus & Millichap’s broker of record in NC.
“Demand for grocery and other essential net-leased properties is the strongest I’ve seen in my career,” says Alvin Mansour, executive managing director investments. “We generated multiple offers from coast to coast, which created a competitive bidding process that ultimately resulted in a full price offer. The transaction closed in 30 days and over five months prior to the store’s target opening date.”
“We had multiple offers on the property that enabled us to achieve a full price sale within a timeframe that aligned with the goals of the seller,” adds Kunofsky.
Leon Capital Group’s founder and CEO, Fernando de Leon serves as the developer of the Wegmans project.
“This was a complex deal with different moving parts that Alvin Mansour and Glen Kunofsky managed well, especially in relation to transaction timing,” states de Leon. “This Wegmans opens early next year, and we are really proud of the project and look forward to bringing more of this asset class to the market.”
