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Infinity Purchases Wells Retail Asset for $72.55 per SF

ATLANTA-Crowe's Crossing, a 93,728-sf, 100%-leased shopping center in the Stone Mountain, GA area, goes for $6.8 million to Infinity Property Management Corp.

By Judith Schonbak | Updated on January 18, 2001

ATLANTA-Wells Real Estate Funds is shedding a second property in a move to sell off its original Fund I holdings. The locally based firm sold the 93,728-sf, 100%-leased Crowe’s Crossing shopping center in the Stone Mountain, GA area, east of Downtown, to Infinity Property Management Corp. for $6.8 million or $72.55 per sf. A Kroger supermarket is the center’s anchor.

In a prepared statement, Wells senior vice president Scott Meadows says Crowe’s Crossing “endured perhaps the worst recession in the nation’s history,” but provided a good cash flow through the life of the Fund. Wells is selling off all of the holdings in its Wells LP Fund I, which the company formed in the late 1980s.

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