{"id":1004669470,"date":"2023-06-26T12:16:01","date_gmt":"2023-06-26T20:16:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004669470"},"modified":"2023-06-26T12:24:15","modified_gmt":"2023-06-26T20:24:15","slug":"asher-group-acquires-north-carolina-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asher-group-acquires-north-carolina-retail-asset\/","title":{"rendered":"Asher Group Acquires North Carolina Retail Asset"},"content":{"rendered":"<div id=\"attachment_1004669473\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004669473\" data-attachment-id=\"1004669473\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/asher-group-acquires-north-carolina-retail-asset\/sutters-creek-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg\" data-orig-size=\"988,741\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1687792260&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Sutter\u2019s Creek Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Sutter\u2019s Creek Plaza. Image courtesy of Marcus &amp;amp; Millichap &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg?w=988\" class=\"wp-image-1004669473 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg?w=300\" alt=\"Sutter\u2019s Creek Plaza\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg 988w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Sutters-Creek-Plaza.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004669473\" class=\"wp-caption-text\">Sutter\u2019s Creek Plaza. <em>Image courtesy of Marcus &amp; Millichap<\/em><\/p><\/div>\n<p><strong>Marcus &amp; Millichap <\/strong>has brokered the $11.8 million sale of Sutter\u2019s Creek Plaza, a 210,482 square-foot retail center in Rocky Mount, N.C.<\/p>\n<p>Public records show that <strong>Asher Group<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/yes-retail-financing-is-possible\/\">financed the acquisition<\/a> with an $8.5 million loan provided by <strong>Standard Insurance Co<\/strong>., set to mature in July 2048. The same source reveals that <strong>Fields Realty LLC<\/strong> was the seller.<\/p>\n<p>Situated at 506 Sutter&#8217;s Creek Blvd., the Big Lots-anchored shopping center is positioned along the city&#8217;s main retail corridor. It is located within a 6-mile radius of three colleges, a hospital and the area&#8217;s largest employer. A variety of retailers occupy the property at full capacity, including Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools, among others.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/an-insiders-view-on-retail-demand-in-the-southeast\/\">Retail Demand in the Southeast<\/a><\/p>\n<hr \/>\n<p>The transaction was facilitated by French and Kodi Traver, investment specialists with Marcus &amp; Millichap&#8217;s Westchester office. They represented both parties and secured the buyer. Ben Yelm, broker of record from North Carolina, also provided assistance in closing the deal.<\/p>\n<h2>Retail space absorption slowdown<\/h2>\n<p>According to <strong><a href=\"https:\/\/www.commercialsearch.com\/news\/retail-real-estate-shows-broad-resilience-cbre\/\">CBRE <\/a><\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/retail-real-estate-shows-broad-resilience-cbre\/\">research<\/a>, the absorption of retail space experienced a significant slowdown in the first quarter of the year, dropping to 8.6 million square feet, compared to 31.5 million square feet during the same quarter in 2022.<\/p>\n<p>The same source indicates that national average retail availability hit a historic low of 4.8 percent, representing a decline of 50 basis points compared to the previous year. The figure is the lowest on record, since CBRE began monitoring the market in 2005.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sutter\u2019s Creek Plaza traded for $11.8 million.<\/p>\n","protected":false},"author":3030,"featured_media":1004669473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[47675,38223,34836],"class_list":["post-1004669470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-big-lots","tag-fields-realty","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asher Group Acquires North Carolina Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Marcus &amp; 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