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Hendersonville, NC | Retail | Closed on RealINSIGHT Marketplace

  • Jul 09, 2020
  • Marketplace Closings

Anchored retail center in Hendersonville, North Carolina closed for 113% of Reserve.

RealINSIGHT Marketplace and The Providence Group are pleased to announce the closing of Eastridge Crossing in Hendersonville, North Carolina. Even with pre-Covid pricing, the platform outperformed expectations, resulting in a sale price of 113% of reserve.

Eastridge Crossing is a 159,429 SF community center and is situated along the main retail corridor in Hendersonville with great access to both local residents, as well as regional shoppers, with its location near Interstate 26. The asset was encumbered by two ground leases and has a struggling Epic Theatre tenant, closed due to the pandemic, which presented difficult challenges to the investment sale team.

Partnering with The Providence Group, Marketplace developed a custom marketing plan through digital, print, and direct outreach, resulting in 80 signed confidentiality agreements by investors across 17 states and Canada. Interest for the asset was well above average, attracting 12 fully vetted bidders and a total of 34 bids during the two-day online auction event. Within 24 hours, the asset was under contract with a non-refundable deposit and the sale closed just 60-days later.

Exceeding the pre-COVID pricing expectations of the Special Servicer seller demonstrates the power of the RealINSIGHT Marketplace’s online CRE auction platform. Our marketing reach and experience in the commercial real estate industry has made RealINSIGHT Marketplace the fastest growing online commercial real estate auction site in the country.

To learn more about this deal, please visit the Eastridge Crossing asset page or contact us at info@rimarketplace.com.