Marcus & Millichap has brokered the sale of a 32,023-square-foot Walmart Supercenter shadow-anchored retail center in Covington, Virginia. The property sold for $4.425 million.
“Shadow center demand remains strong,” said Zach Taylor, senior managing director investments. “We’ve seen a noticeable uptick in buyer activity, as improved debt market conditions are generating renewed confidence and momentum.” Taylor and Eric Abbott of Marcus & Millichap represented the seller, a private real estate company, in association with Brian Hosey, the firm’s broker of record in Virginia.
Located at 317–339 Thacker Ave., the retail center was built in 1998 and is 92% occupied. Major tenants include Dollar Tree, Cato, Shoe Show, T-Mobile, and several restaurants and service-oriented businesses. Walmart has operated at the adjacent site since 2007. The property sits on 4.37 acres within a 25-mile trade area and is the most visited shopping center in a 30-mile radius.
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