Downtown Cary NC shopping center sold for a record-breaking price

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North Carolina Commercial real estate broker, Sifat Elahi, has just recently sold a shopping center in downtown Cary, NC, for a record-breaking 4.4% cap rate. The sale also set another new record for Cary NC, achieving the highest price per square foot.

Cary is booming and the prices are still relatively cheap

A downtown Cary North Carolina retail and office space shopping center recently sold at a record cap rate of 4.4% by MKM Commercial Realty’s Broker, Sifat Elahi, to buyer 111 E Chatham LLC.

A local Cary developer has purchased this infill site and has big plans. Cary is the seventh-largest municipality in the state of North Carolina and the second-largest municipality in Chatham County. Cary is an affluent region, known for many things, such as having the most PHDs per capita and being extremely safe. In 2015, SmartAsset ranked Cary, NC number 4 on the list of Safest Cities in America.

On July 17, a Go Banking Rates study named Cary as the second-fastest growing city in North Carolina, second only to Raleigh.

One of Cary’s primary growth drivers is the tech industry. Cary has been thriving since the establishment of Research Triangle Park, or better known as RTP. The park - the largest research park in the United States - opened in 1959 when Cary’s population was only 8,000 residents. Today, the town’s residents have swelled to 170,000.

Sifat Elahi from MKM Commercial Realty was born and raised in Asheboro, North Carolina and attended college in Wilmington NC at Cape Fear. Growing up in Triad area and then attending school on the coast has given him widespread connections throughout North Carolina.

Mr Elahi credits those connections in enabling him to piece the puzzle together and successfully transact the sale of 111 E Chatham St. Cary, NC.

If you would like to reach Sifat for any advice on commercial property whether you’re selling, buying, or leasing, he can be reached on 919-907-0760 or realestatejatt@mkmcommercial.com

MKM Commercial Realty is the source of information for this news release.
Alternatively, visit http://www.mkmcommercial.com

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Arpan Makam

Sifat Elahi
@ArpanMkm
since: 11/2015
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