Asher Group Acquires North Carolina Retail Asset

Sutter’s Creek Plaza. Image courtesy of Marcus & Millichap

Marcus & Millichap has brokered the $11.8 million sale of Sutter’s Creek Plaza, a 210,482 square-foot retail center in Rocky Mount, N.C.

Public records show that Asher Group financed the acquisition with an $8.5 million loan provided by Standard Insurance Co., set to mature in July 2048. The same source reveals that Fields Realty LLC was the seller.

Situated at 506 Sutter’s Creek Blvd., the Big Lots-anchored shopping center is positioned along the city’s main retail corridor. It is located within a 6-mile radius of three colleges, a hospital and the area’s largest employer. A variety of retailers occupy the property at full capacity, including Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools, among others.

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The transaction was facilitated by French and Kodi Traver, investment specialists with Marcus & Millichap’s Westchester office. They represented both parties and secured the buyer. Ben Yelm, broker of record from North Carolina, also provided assistance in closing the deal.

Retail space absorption slowdown

According to CBRE research, the absorption of retail space experienced a significant slowdown in the first quarter of the year, dropping to 8.6 million square feet, compared to 31.5 million square feet during the same quarter in 2022.

The same source indicates that national average retail availability hit a historic low of 4.8 percent, representing a decline of 50 basis points compared to the previous year. The figure is the lowest on record, since CBRE began monitoring the market in 2005.