Greenberg Gibbons & Wilder Co. Acquire Retail Property In Raleigh NC For $33M From Mishorim Investments

The Wakefield Commons retail property, located at 14440 Falls of Neuse Road in Raleigh, NC, consists of 26 acres and encompasses a total of 163,975 square feet. This asset sold for $33 million, equating to $201 per square foot, and has a current lease rate of 96%. The property generated net operating income of $2.59 million in the last year, yielding a capitalization rate of 7.85% on the purchase price.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $33,000,000
• Address: 14440 Falls of Neuse Road
• Market: Raleigh, NC
• Acres: 26
• Square Footage: 163,975
• Price Per Square Foot: $201
• Buyer: Greenberg Gibbons & Wilder Co.
• Seller: Mishorim Investments
• Brokers: Andrew Margulies - Marcus & Millichap

A joint venture between Greenberg Gibbons and Wilder Co. was involved in this transaction, acquiring the property from Mishorim Investments. The deal highlights the collaboration between these two firms in pursuing retail real estate opportunities.