Spartanburg retail property sells for $7.7M

A commercial real estate brokerage firm has sold an Upstate retail center.

Marcus & Millichap, which specializes in investment sales, financing, research and advisory services, has sold Camelot Center, a 14-suite retail strip property in Spartanburg, for $7.7 million, according to a news release.

“We had a very competitive bidding process and saw strong interest from investors drawn to the property’s stable cash flow and location in a high-growth market,” said Chris Garavaglia, managing director investments, in the release. “Spartanburg continues to be in high demand, and with the center 100% occupied, the new owner plans to hold the asset long term and capitalize on the market’s ongoing momentum.”

Alex Perez, Austin Sweet and Garavaglia, investment specialists in Marcus & Millichap’s St. Louis office, in association with Ben Yelm, Marcus & Millichap’s South Carolina broker of record, had the listing to market the property on behalf of the seller, an East Coast family office, according to the release.

The 66,560-square-foot, 14-suite shopping center is located at 1600 John B White Sr. Blvd. Built in 1987, the fully leased property sits on 7.99 acres and is anchored by Napa Auto Parts and Dollar General. Tenants include a mix of dining, grocery, beauty, financial and auto services, including State Farm and Pizza Hut.