Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Promenade Plaza, a 64,523-square-foot shopping strip located in Valdosta, Georgia. The 5.46-acre retail property sold for $7 million. 

The Promenade Plaza is located at 1705 Norman Drive, directly across the street from the Valdosta Mall.  

James Medefind, John E. Brigel, James Garner, and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was procured by James Medefind. John Leonard, regional manager and broker of record in Georgia, assisted in closing this transaction. 

Promenade Plaza is 100% occupied and anchored by Shoe Carnival, Books-A-Million, Best Buy, Five Guys, and Sleep Number.  

“With long-term tenants and the very low vacancy rate in the marketplace, Promenade Plaza was an attractive opportunity for investors looking for a low management, reliable income stream,” said Medefind. “Promenade Plaza was our team’s sixth closing in 2022.  Demand for shopping centers is at an all-time high, and we have been fortunate to have represented hundreds of investors during the last year who have taken advantage of today’s strong pricing and low interest rates.  Lenders and buyers have limited opportunities and are excited when high-quality centers like Promenade Plaza come to the market.”