Locally based Brown and Gruin paid Transwestern/MONY Glenridge LLC $3.8 million or $234.44 per sf for the newly constructed, 16,209-sf Glenridge Point Shopping Center in one of the city's larger business districts--even though the center is 37% vacant.
The deal is believed to be the highest per-sf-price transaction of its kind this year in metro Atlanta.
The sale closed in a speedy 45 days after Brown and Gruin took only 14 days to inspect the property. The buyer plunked down $100,000 in earnest money with the contract--money that could have been lost if the deal didn't go through. The property traded at a 6.8% cap rate with a net operating income of $256,902.
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