“With 118,928 square feet of office/retail space and 60 upscale residential lofts, Enterprise Mill was one of the few trophy value-add properties remaining in the Augusta market,” says Belt. “The property's combined occupancy level exceeds 90%, making it an extremely stable income-producing asset for the new ownership.”

ATLANTA—Enterprise Mill, a 179,122-square-foot class A mixed-use property in Downtown Augusta, GA, has traded hands. With a sale price of $13 million, it's one of the largest transactions this year in Augusta.

South Florida-based Avison Young principals AJ Belt and David Duckworth represented the seller, Melaver/Enterprise Mill, in the disposition to Enterprise Mill, a private investment group based in Coral Gables, FL. Enterprise Mill sits on nine acres at 1450 Greene Street, in the immediate area of region's most travelled thoroughfares including SR-4, Broad Street and to US-1/Gordon Highway.

“We've been experiencing a hyper-investment market fueled by assorted economic variables,” Duckworth tells GlobeSt.com. “As a result of cap rate compression seen within South Florida and a limited supply of opportunities, there is a trend of investors looking further north for greater yield which enabled us to complete the transaction at strong pricing for Augusta but bargain pricing as compared to Miami.”

Located in Downtown Augusta's historic Riverfront District, Enterprise Mill is surrounded by Medical College of Georgia, three major hospitals that comprise Augusta's medical complex, and upscale boutiques. Casual and fine-dining restaurants and a mix of attractions are available both on- and off-site.

“With 118,928 square feet of office/retail space and 60 upscale residential lofts, Enterprise Mill was one of the few trophy value-add properties remaining in the Augusta market,” says Belt. “The property's combined occupancy level exceeds 90%, making it an extremely stable income-producing asset for the new ownership.”