Ballentine Market changes ownership

Commercial real estate brokerage Marcus & Millichap has announced the sale of Ballentine Market, a 51,010-square-foot retail property located in Ballentine according to Benjamin Yelm, regional manager of the firm’s Raleigh office. The market sold for $4,050,000.

The seller was a limited liability company based in North Carolina. The buyer was a private investor based in Georgia.

“The strong investor demand that we saw for Ballentine Market was indicative of a trend we’ve seen throughout 2020 for the various shopping centers we’ve sold,” said Creason. “Buyers have flocked to properties anchored by essential businesses. Ballentine Market has a grocery store and a liquor store which have both performed well throughout the pandemic and that type of stability resonates with investors, which ultimately results in aggressive pricing.”

Ballentine Market is located at 1331 Dutch Fork Road. The property was built in 1987 on 6.46 acres at the corner of Dutch Fork Road and A J Amick Road. Food Lion has been the anchor tenant of this strip center for the last 33 years.