The Oak Brook, IL-based investor paid 965 North Point Commons of Atlanta $4.9 million or $127.54 per sf for the freestanding, eight-month-old, 38,418-sf Jo-Ann Fabrics store at the North Points Commons Shopping Center in suburban Alpharetta, GA.
Although he paid top dollar for the asset, IRRETI president Barry Lazarus says in a prepared statement he was drawn to the property by its solid demographics. "The area has experienced strong population growth, paving the way for continuous commercial growth," Lazarus says.
The store is just east of GA 400; a half mile from the North Point Mall; and 25 miles north of Downtown Atlanta. Jo-Ann Stores Inc. has a double-net lease which runs through 2016.
Lazarus and outside counsel Charles Benvenuto represented IRRETI in the transaction.
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