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Marcus & Millichap : organizes the sale of Kings Bay Village shopping center for 5.6 million dollars

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Marcus & Millichap Organizes Sale of Kings Bay Village Mall for $5.6 Million

September 09, 2022

ST. MARYS, Ga., September 9, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today today the sale of Kings Bay Village, a 17-suite shopping mall in St. Mary’s, Georgia. The 122,427 square foot asset is located on 15.01 acres and sold for $5,600,000.

Built in 1990 on 15.01 acres, the 93% occupied center is made up of 11 local and national tenants, including Belk and Kings Bay Cinemas. The price was equivalent to $45.74 per square foot.

“During the pandemic, tertiary markets, such as Saint Mary’s, GA, rebounded with strong retail sales during the summer months,” said Simon V. Grigoryan, vice president of investments. “Both Belk and Georgia Theater are returning to their pre-Covid-19 sales numbers.”

Simon Retail Group’s Grigoryan and Edwinn Bruchman, Southeast mall specialists from Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, Saint Smitty, LLC. The California-based real estate investment firm has sold retail space at 113 City Smitty Drive to Water Land, LLC, a Miami, Florida corporation. John Leonard, Marcus & Millichap’s official broker in Georgia, helped close the deal.

Kings Bay Village Shopping Center is located on the signposted corner of Osborn Road and Charlie Smith Sr Highway, approximately four miles from Naval Base King’s Bay, a 16,000-acre U.S. Navy base in Georgia .

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and finance professionals in 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit


Marcus & Millichap Inc. published this content on September 09, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on September 09, 2022 20:19:12 UTC.

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