WAKE FOREST, NC — Marcus & Millichap Capital Corp. (MMCC) has arranged the financing of The Factory, a retail and sports complex in Wake Forest, NC. Jared Cassidy, a director in MMCC’s Washington, DC office, secured the financing. Matt Greenspon, vice president investments in Marcus & Millichap’s Raleigh office, consulted on the buy side. The property sold for $17.85 million with an MMCC loan of $11.781 million.
“MMCC secured the debt through one of our national balance sheet lenders,” said Cassidy. “We structured the loan around the unique facets of the property, its operations, and the important requirements of the buyers, who are based in New York.” The seller, Ammons Building Corp., owned the property for 12 years, during which time they repurposed the building from a street-sweeper manufacturing plant. Though Ammons Building Corp. president Jeff Ammons will no longer be a part of the project, property manager Emma Bennett will continue to manage The Factory. “The buyers want to keep everything the same and bring in more family-oriented tenants,” said Greenspon. “The new owners support the phenomenal job Jeff has done at The Factory and want to build on the existing synergies there.” At 187,695 s/f, The Factory is one of the largest sports complexes in the country. The Factory is 99.8% leased. The complex, built in 1964 and renovated in 2004, consists of five buildings.