Retail Center in Jackson Mississippi SOLD for $3,097,500!
JACKSON, MS, June 21, 2007 – Sperry Van Ness/Gilmore Auction , one of the nation’s premier accelerated marketing firms, has sold by auction Meadowbrook Mart Shopping Center, 112,145-squarefoot neighborhood center in Jackson, MS to Franklin, TN-based Reddlands, Inc. for $3,097,500. The property is located at 311-353 Meadowbrook Road at the corner of Meadowbrook Road and North State Street.
David E. Gilmore, a national auctioneer for Sperry Van Ness Accelerated Marketing Co. represented the seller, Meadowbrook Mart Associates from Miami. John Dinkins of Madison Properties represented the buyer, Reddlands, Inc. According to Gilmore, the auction was a success and the property sold for $847,500 over the minimum bid price.
Built in 1953, Meadowbrook Mart Shopping Center was 27 percent occupied at the close of escrow by Payless Shoes, Advance America, Simply Fashions, Jackson Hewitt and others. The center’s corner site is situated on approximately 6.61 acres with 612 paved parking spaces and includes a 160′ x 160′ parking lot on Choctaw.
“The buyer has acquired a “value added” center or possible redevelopment site in a great area with good demographics,” said Gilmore.
Gilmore added that auctions are a beneficial way to sell a property. Auction sales can often be closed instantly or within an acceptable time frame, depending on the sellers’ requirements and flexibility. They also transform surplus holdings into cash or earnings assets. An auction is a catalyst for motivating hesitant buyers into action. Auctions expand market reach by employing programs that expose properties to a regional, national and international audience.
Founded in 1987, Sperry Van Ness is one of the largest commercial real estate brokerage firms in the United States with nearly 900 advisors in 150 cities. Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. To provide the highest value to its clients, Sperry Van Ness is the only national firm that in addition to marketing to investors and existing clients, implements an immediate proactive strategy to market all listings to the brokerage community sharing its fees 50/50. Guided by this principal of proactive compensated cooperation, Sperry Van Ness, based in Irvine, Calif., has advised clients on billions of dollars in office, multifamily, retail, industrial, hospitality and land transactions. For more information, please visit www.svn.com.
Tags: auction, property, real estate