BETHESDA, Md., Dec. 18, 2019 /PRNewswire/ -- RealINSIGHT Marketplace and CBRE are pleased to announce the closing of the Village Shoppes of Sugarloaf, a Publix-anchored retail center in Lawrenceville, Georgia. The winning bid for this online auction property was 60% above the seller's reserve price.
The online auction that took place on RealINSIGHT Marketplace drew 27 fully vetted and qualified Bidders following investor interest that garnered 317 signed Confidentiality Agreements. This high investor participation was achieved by the implementation of a tailored innovative marketing and advertising strategy that reached nationwide markets. These tactics included access to RealINSIGHT Marketplace's vast and growing investor database, targeted lead generation, customized digital and print mediums, and online listing services.
"RealINSIGHT Marketplace continues to provide lucrative outcomes for our clients," said James Shevlin, President and Chief Operating Officer of CWCapital. "As our growing track record suggests, online dispositions have become an increasingly competitive option to traditional listings due to our ability to successfully reach much wider audiences."
The Village Shoppes of Sugarloaf is comprised of four, single-story buildings totaling 147,817 SF. Originally built in 2003, the Property is now currently 63% occupied to local, regional, and national tenants including Publix, Sally Beauty Supply, and others. The diverse mix of internet-resistant tenants have long operating histories, staggered lease expirations, contractual rate increases, and options to extend.
The Property presented investors an opportunity to invest in a prominent retail center that benefits from extremely strong demographics, provides a mix of stable cash flow from its in-place tenancy, and value-add upside potential through vacancy absorption and deliberate leasing strategies.
"The success that CBRE and RealINSIGHT Marketplace were able to achieve on this deal has drawn attention from owners of Publix and other grocery-anchored centers interested in how utilizing the auction platform could help them mirror similar results," said Philip Kates, First Vice President at CBRE.
About RealINSIGHT Marketplace: RealINSIGHT Marketplace is the preeminent platform for CRE transactions, bringing Buyers, Sellers, and Brokers together to efficiently list, market, and close deals. Marketplace allows local, regional, national, and international investors the opportunity to easily review and bid on commercial real estate assets throughout the country. The sales platform is managed by a dedicated team of commercial real estate experts with over $11B in online real estate sales. RealINSIGHT Marketplace has completed over 2.6B transactions since its inception in early 2017.