Marcus & Millichap Real Estate Investment Services, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Copperleaf Village, a 32,978-square-foot retail property located in Blue Springs, Missouri. The asset sold for $6,962,000.
Zach Turner, Scott Wiles, Erin E. Patton and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, who was a KC-based partnership. The buyer, an out-of-state limited liability company, was procured by Zach Turner, Scott Wiles, Erin E. Patton and Craig Fuller. David Saverin, Missouri Broker of Record, assisted in closing this transaction.
Copperleaf Village is located at 727 NW Highway in Blue Springs, Missouri, which is a prominent suburb of Kansas City. The subject property was 82 percent occupied at the time of the sale, and consisted of diversified, service-based tenants, specializing in Medical, Dental, Food/Restaurant, Convenience, Fitness, and Insurance users. The subject property was originally built in 1973 and extensively renovated in 2006. In addition to the shopping center, the property also included two developable pad sites on the north and south ends of the site, both of which are around 0.5 acres.
Zach Turner, lead investment specialist on the sale commented, “Despite market headwinds, the shopping center market continues to stay extremely active and aggressive. Retail fundamentals are arguably as strong as they have ever been, and investors are eager to find strong deals across the country, often in markets buyers have not traditionally invested in. This has become especially true here in the Midwest due to steady projections and relatively higher yields. In the case of Copperleaf, the buyer reallocated 1031 funds from the west-coast into a strong Midwest market.”