January 4, 2021
Marcus & Millichap has arranged the $23.5 million sale of the High Point Harris Teeter Center, a 192,548-square-foot shopping center in High Point, N.C.
Originally built in 1975, the High Point Harris Teeter Center was 100% occupied at the time of the sale by a mix of tenants that included Harris Teeter, T.J. Maxx, Ross and Staples. Lori Schneider of Marcus & Millichap represented the seller in the transaction, a private investor which had owned the property for more than 20 years. The buyer was an investment group.
“The very positive market response I experienced demonstrates that demand exists for properties that are anticipated to have economic staying power, despite current concerns caused by the global pandemic,” said Schneider. “Retail property is highly scrutinized but investors are active. Execution of the transaction was reminiscent of pre-pandemic assignments, even though sales of comparable $20 million-plus power/grocery-anchored shopping centers are less than half of their previous levels.”
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