Northmarq’s investment sales team has announced the addition of Michael Zimmerman as Vice President – Commercial Investment Sales. Zimmerman specializes in the disposition and acquisition of single tenant and triple net lease retail properties, further expanding Northmarq’s commercial investment sales. With over 20 years in the commercial real estate business, Zimmerman has been involved in over $1 billion of sales for shopping centers, single tenant, strip centers, office buildings and land deals. Prior to Northmarq, Zimmerman served as principal owner at Ground & Space. He has also served as a partner at Atlantic Retail Properties and a managing director at Calkain Companies. “I am thrilled to join Daniel Herrold’s team and Northmarq’s rapidly growing investment sales platform,” said Zimmerman. “Providing best in class data and the ability to leverage our debt and equity services are just some of the ways we can bring more value to our clients.” In his new role, Zimmerman joins the commercial investment sales team led by Daniel Herrold, Senior Vice President of Northmarq’s Tulsa office. Zimmerman will be based in Chapel Hill, North Carolina, and brings his expertise to support merchant builders, private owners and institutional clients with their retail investment needs. “I’m excited to have Michael join our team,” said Herrold. “Michael is a veteran in the net lease space having over 20 years of experience in the business. We needed to fill a void in our team of focusing on retail investors and developers throughout the Southeast, and Michael fits that void perfectly with his existing clients and business activity.” Zimmerman is a graduate of San Diego State University and holds a broker’s license in North Carolina and Florida. He is also a long-time member of the International Council of Shopping Centers.

Robert Poirier, associate vice president in Northmarq’s Atlanta office, arranged the $9.5 million sale leaseback of a single-tenant industrial property fully leased to Mount Vernon Mills, Inc. The 270, 252 sq. ft. facility is located at 235 River Road in Rockingham, North Carolina. Northmarq represented both the buyer and seller. The buyer was an institutional investor based in Arizona.  “Despite the current market, we were able to create a tremendous amount of interest from a very diverse group of investors, ultimately receiving 18 LOIs during the marketing process,” said Poirier. “At the end of the day, surety of close, and the strong reputation of the investor is what won the deal. Built in 1973, the property is situated on 27.74 acres and serves as a mission-critical facility for Mount Vernon Mills, the country’s largest apparel fabric manufacturer. Mount Vernon Mills’ Rockingham location produces open-end spun yarn and woven greige goods for the company’s flame-resistant products. Offering ample room for expansion, the industrial facility is strategically located right off US Route 220 and less than two miles from US Route 1 and Interstate 74. The tenant operates on a corporate guaranteed absolute triple net lease.

Erik Lundberg, associate vice president in Northmarq’s Tulsa office, completed the sale of two brand new, New England style properties leased to Dollar General located at 580 Lake Road in Andover and 1967 Norwich-New London Turnpike in Montville, Connecticut. Lundberg represented the buyer, a private investor located in Farmington, who acquired the assets for a total of $4.855 million. The seller was a developer based in Torrington.   “Despite the challenges of today’s market, we were able to successfully complete two separate 1031 buy needs, placing our client into two new construction Dollar General build to suits, both in prime Connecticut locations,” said Lundberg.  The newly constructed buildings feature upgraded construction including architectural asphalt shingles, Hardie board siding, decorative lighting fixtures, and New England style windowed dormers. Strategically located just off US Highway 6, the Andover property is 15 miles east of downtown Hartford and seven miles from the University of Connecticut and Eastern Connecticut State University, attracting students and residents across the state. Situated in the village of Uncasville, the Montville Dollar General is a short distance from the Mohegan Sun Casino. Additionally, the property is conveniently located across the street from a Stop & Shop and Home Depot-anchored shopping center and neighbors a McDonald’s and CVS Pharmacy. The tenants operate on a long-term absolute triple net lease.  

Northmarq’s New York office has completed the sale of Parkway Village located at 170 Village Commons Drive in St. Augustine, Florida for $24.1 million. The 52,070-square-foot shopping center is anchored by Publix GreenWise Market, a specialty, natural, and organic grocery store. The seller was a developer based in Fort Lauderdale, Florida. Jason Maier, senior vice president at Northmarq, represented the 1031 exchange buyer, a New York-based private investor.   “I am very pleased to have represented and identified this asset on behalf of our client who was in a 1031 exchange. This particular asset stood amongst many other properties we reviewed, and the market in St. Augustine has experienced tremendous growth,” said Maier. “Playing off the success and high sales of the Publix-anchored center across the street, Publix wanted to expand its current operations and higher end food offerings, which its current location could not support. The rest of the supportive tenants gave way to a brilliant and vibrant mix of national credit tenants.”  The shopping center is newly built and is 100 percent occupied by 8 tenants, including Starbucks, Orange Theory Fitness, Supercuts, as well as local service providers and retails. Anchor-tenant GreenWise Market offers products that meet strict requirements such as USDA certified organic, made with at least 70 percent organic ingredients, and made without artificial preservatives, flavors, or color. The Parkway Village GreenWise Market is the twelfth location of the unique, health-conscious store.  Parkway Village is situated in a strong retail trade and residential area, with neighboring tenants such as a full-size Publix, CVS Pharmacy, AutoZone, and McDonalds and a short walk to Mill Creek Academy and Tocoi Creek High School. Located at the intersection of State Road 16 and International Golf Parkway, the property is convenient for residents of St. Johns County and neighbors the Shoppes at Murabella.  “When we looked around at the amount of new residential development, state of the art new schools, and this gorgeous new shopping center, my client and I both agreed this was a must addition to the portfolio,” added Maier. “We got really lucky with our lender, Principal Life, who provided a very competitive debt package in a touch lending environment.” 

Riley Sharman, vice president in Northmarq’s Houston office, has completed the sale of an eight-tenant medical and retail strip center located at 827 Magnolia Boulevard in Magnolia, Texas. The 16,700-square-foot building is fully leased to a diverse mix of strong medical and service-oriented tenants. Sharman represented the seller, a local owner. A 1031 exchange buyer based in Dallas-Fort Worth, Texas acquired the asset.   “The dental partners that I represented were able to maximize value by exercising a ‘partial sale-leaseback’ for their practices, and we ultimately provided them the opportunity to capitalize on a sale to an all-cash, buyer exercising a 1031 tax deferred exchange,” said Sharman. “The interest and offer activity were high due to the long-term leases, strong lease guarantors, and extra acreage behind the strip center for future development, to name a few. This transaction demonstrates the increase in investor demand for multi-tenant medical strip centers we’re seeing throughout the Houston MSA and especially in high-growth areas like Magnolia."   The facility was built in 2012 and is situated on 7.66 acres in the city of Magnolia, an outdoor paradise of biking, hiking, golf, and more approximately 45 miles northwest of Houston. Just across the street from the property is a proposed Magnolia Ridge Development which will bring over 200 homes to one of the best public-school districts in Texas. With excellent visibility and multiple access points, Magnolia Health and Wellness Center boasts prime frontage on Magnolia Boulevard, seeing over 14,000 vehicles per day. Tenants include Hillwood Family Dental Group, Simple Traditions Family Health, Hanigan & Johnson Orthodontics, and Endodontics of Houston.  

Northmarq’s Cincinnati office has announced the addition of Vikaas Patni as senior associate – commercial investment sales. Patni specializes in the disposition and acquisition of both single-tenant net lease properties and multi-tenant shopping centers throughout the United States. Prior to Northmarq, Patni served as vice president of Brokerage Services at Lee & Associates and achieved top producer status in 2021. Before Lee & Associates, Patni held leadership positions at Phillips Edison & Co. and Meridian Realty Capital. “I am very excited to be a part of Northmarq and Daniel Herrold’s team. With Northmarq and Stan Johnson Company combining forces, the new platform is now second to none, and I look forward to leveraging this and bringing value to my clients,” said Patni. “Given the exciting growth in CRE happening in and around Cincinnati and Ohio in general, Northmarq is perfectly positioned to bring these opportunities to its clients nationally.” Patni joins a team of investment sales professionals led by Daniel Herrold, senior vice president. With over 15 years of experience, Patni brings a client-focused approach, consulting and guiding his clients throughout the transaction’s entire lifecycle. “I’m really excited to have Vikaas join my team,” said Herrold. “Vikaas has an extensive background in retail, working both on the development side of the business and investment sales. He will be a key ingredient for our team as we focus on retail investors and developers across the Midwest.”

Northmarq investment sales broker Matt Lipson arranged the $1.25 million sale-leaseback of a Sonic Drive-In, a 1,127 sq. ft. single-tenant retail property. The building sits on 0.33 acres of land and is located at 228 West Maple Street in Columbus, Kansas. The property is leased to a 31-unit franchisee at the time of contract signing. Northmarq represented the Missouri-based seller and Hamman Real Estate represented the California-based individual investor in the sale. “There couldn’t be a better location to place a Sonic. The franchisee understands the market and is able to fully maximize the potential of the site. The buyer felt comfortable with the franchisees track record and award-winning success, and both seller and buyer we’re satisfied with price and terms,” said Lipson. “This is a very solid deal for both sides and will ensure the buyer a dependable rent check for now and the future.”  The freestanding restaurant is situated in central Columbus with a population of 3,856 within five miles. In addition to easy access to US Highway 160, the property is near Coffeyville Community College, with an enrollment of 1,772 students and Columbus High School.  Surrounding retailers include Dollar General, True Value Hardware, Subway, Napa Auto Parts, and Verizon Wireless.

Northmarq’s Jeff Enck, associate vice president, and Emery Shane, senior vice president, have completed the sale of a 73,847-square-foot shopping center located at 400 Commerce Drive in Peachtree City, Georgia. The center is 100 percent leased to 21 tenants. Enck and Shane represented the seller, an individual investor based in Washington, D.C. An Atlanta-based developer acquired the asset for approximately $15.2 million.   “The property is an excellent landmark shopping center at the busiest intersection in Peachtree City with a long history of high occupancy by local and national tenants,” said Enck. “Despite the rising interest rate environment, we were able to generate multiple offers from across the country and ultimately close with an investment group based in Atlanta. There was no lack of investor interest in this superb asset.”  Approximately 20 miles southwest of Atlanta and at the corner of Highways 54 and 74, Westpark Walk draws a combined 79,000 vehicles per day. The shopping center’s tenants include Tuesday Morning, Verizon Wireless, State Farm, Firehouse Subs, Hotworx, and local service providers and retailers. One tenant, Ranchero Mexican Grill, has been in Westpark Walk for over 33 years, and several tenants have been at the center for over 20 years.  The property is situated on 5.41 acres and surrounded by several super regional traffic generators such as The Avenue Peachtree City and The Shoppes at Peachtree City. Neighboring national retailers including Walmart, Home Depot, Best Buy, Aldi, TJ Maxx, HomeGoods, and more. Peachtree City is home to over 62,000 people with an average household income over $134,000 within 5 miles.  

Northmarq’s Isaiah Harf, managing director, arranged the sale of a built-to-suit property leased to Popeyes located at 320 North Beacon Boulevard in Grand Haven, Michigan. Harf represented the seller and owner based in Illinois. A New York-based private investor acquired the asset for approximately $3.1 million.  “Along Beacon Boulevard, just south of Home Depot in downtown Grand Haven (a wonderful city along the western coastline of Michigan) sits a new construction Popeyes, which we marketed and sold very quickly relative to the current marketplace,” said Harf. “Driven by a purchaser’s 1031 exchange, we were able to strike while the iron kettle was hot and serve up a few spicy chicken sandwiches.”  The property features Popeyes’ newest prototype design and high-quality construction standards. Located in a dense retail corridor, the building has outstanding access and visibility from Highway 104 and 31 and Muskegon, Grand Rapids, and other surrounding areas. Neighboring tenants include The Home Depot, Walgreens, Dollar Tree, Starbucks, and more. The tenant operates on a long-term absolute net lease.  

Matt Lipson, associate vice president in Northmarq’s Oregon office, completed the $2.4 million sale of a freestanding retail property located at 1008 East Main Street in Bradford, Pennsylvania. The property totals 2,860 sq. ft. and is leased to Carrols Restaurant Group, which owns and operates over 1,000 Burger Kings. Lipson represented the seller, a New York-based private investor. The 1031 exchange buyer was an individual located in New York.   “This was a great deal for both buyer and seller. Pre-marketing, the tenant extended its lease 20 years due to its excellent performance at the site. The seller received a great cap rate in a challenging interest rate market and are thrilled with the lifespan of their investment,” said Lipson. “The strength of the tenant, combined with the extraordinary store performance kept the lender engaged, even as interest rates were rising 75 bps each federal reserve session.”  Conveniently located on Bradford’s Main Street, the quick service restaurant benefits from the rapid development in the last 10 years. Neighboring tenants include a brand-new ALDI, Taco Bell, and freestanding Verizon, in addition to a shopping center with tenants such as Tractor Supply Company, Dollar Tree, Anytime Fitness, and Big Lots. The tenant operates on an absolute triple net lease guaranteed by the world’s largest Burger King franchisee.

Northmarq investment sales broker Jeff Enck arranged the $3.33 million sale of Governor’s Walk, a 21,280 sq. ft. multitenant retail property. Within 29 miles of the Atlanta CBD, the property is located at 1980 GA Highway 54 in Peachtree City, Georgia. Governor’s Walk totals 14 units and was 100 percent occupied at the time of contract signing. Northmarq’s Jeff Enck represented the Florida based seller as well as the California-based 1031 exchange buyer in the sale.  “Despite the new interest rate environment, we were able to generate ten offers on the property and close with a 1031 exchange buyer who put a large cash payment down with a small loan. The property had several physical challenges including a 30-year-old metal roof and an aging septic system, so we needed an experienced investor who was willing to do some work,” said Enck. “We are finding that patience is critical in today’s market to maximize price. It often takes weeding through several potential buyers to find the right investor for the right asset.”  Governor’s Walk is situated on a highly visible site off GA Highway 54 and is surrounded by national retailers including Publix, Sprouts, CVS Pharmacy, Starbucks, Dunkin’, Zaxby’s, and a newly constructed Advance Auto Parts. As a principal city of the Atlanta MSA, Peachtree City averages a household income of $139,000 within a three-mile radius of the property.  Tenants at the property include: Car Wash, Donut Shop, Peachtree Pawn, Fresh Smoothie Café, Mary Nails, Curves, Carolina Hemp Co., Southern Crescent Spa, Peachtree Wax Studio, La Plaza R&R Inc., Flooring Store, Men’s World Barber, Rene’e Paige Salon, and M&R Alterations. 

Ryan Roedersheimer, senior vice president in Northmarq’s Cincinnati office, has completed the sale of a multi-tenant retail property in Vincennes Indiana. Kimmell Crossing is a 44,962-square-foot shopping center located at 636-648 Kimmell Road and was fully leased to 10 tenants at the time of sale. Roedersheimer represented the seller, DPPM Management, who acquired the asset in early 2022 from Regency Properties. A local investor purchased the property for approximately $5.2 million in a 1031 exchange.  “This was my first experience at selling a property twice in the same calendar year. We never planned it this way, although the seller knew he acquired the property at a great bargain. The only drawback was the distance from his home state of NC,” said Roedersheimer. “After six months, my teammate, Chris Vitori, presented the off-market details to his client and it was the perfect fit! All sides couldn’t be happier with the outcome!”  Built in 1997, Kimmell Crossing sits in a dense retail corridor at a signalized intersection. The Walmart shadow-anchored strip center includes tenants such as Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile, and CATO. Situated on 4.24 acres, Kimmell Crossing is just off the exit ramp of U.S. Highway 41, providing excellent visibility and access.