Taylor-McMinn Team Closes Walmart Market Sale in Spartanburg
- Sep 10, 2015
By Adelina Osan, Associate Editor
Spartanburg’s Walmart Neighborhood Market was sold for $5.5 million after leading commercial real estate investment firm Marcus & Millichap arranged the sale of the property. The store located at at 203 Cedar Springs Road reaches a little more than 40,000 square feet.
Don McMinn and Zach Taylor, vice presidents of Investments at Marcus & Millichap’s Atlanta office, known as the Taylor-McMinn Team, represented the seller. The team has a portfolio of over 200 investment property assets in 25 states.
“We were able to create broad exposure on our national platform, received strong interest, and generated multiple offers,” said Don McMinn in a prepared statement. “We eventually closed at the list price with a cap rate in the upper fours, which is one of the lowest cap rates recorded to date for a Walmart Neighborhood Market. We previously sold another Walmart Market in Pensacola, Fla. and are currently marketing three more in South Carolina,” McMinn added.
The sold property is a brand-new Walmart Neighborhood Market that opened for business in July 2015 with a 20-year corporate-guaranteed triple-net ground lease. The buyer is an all-cash 1031 exchange investor.