The price wasn't disclosed in JDN's prepared statement. JDN officials couldn't be reached at GlobeSt.com's publication deadline to learn terms of the deal for the 93.7%-leased property.

But area retail brokers familiar with the north Atlanta submarket tell GlobeSt.com on condition of anonymity the current hard and soft construction costs of a comparable new retail center is at least $100 per sf. That would make 49% of the 313,006-sf center valued at about $15 million.

The center is anchored by a 103,242-sf Big Kmart; an 86,584-sf Kohl's department store; a 25,348-sf Michael's; and a 23,942-sf Staples.

JDN was trading at $10.40 per share on volume of 24,200 on the New York Stock Exchange at noon today, down 14 cents from $10.24 yesterday. The company has 32.85 million shares outstanding. Market capitalization is $341.72 million. The stock's 52-week high-low is $13.64 and $9.

For its first fiscal 2001 quarter ended May 13, JDN posted funds from operations of $9.7 million or 30 cents per share versus $11 million or 34 cents per share in the comparable 2000 period. First Call analysts had anticipated a first-quarter 2001 profit of 34 cents per share.

Revenue totaled $26.5 million compared with $26.3 million in last year's fiscal first quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Retail