The acquisition was made at this time because "the property has a strong tenant mix and is located at a prime north Atlanta retail location with a high residual value," Kulwadee Yung, Zapolski + Rudd's acquisition officer, tells GlobeSt.com.
Developed in 1983 and renovated in 2003, the center is anchored by a 41,584-sf Kroger grocery and backed up by a mix of tenants that include Dollar Tree, Mailboxes Etc., Ontray's Catering and Chen's Palace Restaurant. The 20-year-old property is nearly 88% leased. "The renovations included upgrading the store-front facades, signage, landscaping, lighting and parking lot to give new life to this retail center," Yung says.
The average asking rent is $19 per sf. Spectrum Realty Advisors represented the seller and buyer in the transaction.
In August, Zapolski + Rudd entered the Tampa, FL apartment market for the first time with the $35 million purchase of the seven-year-old, 52-building, 315-unit Hamptons at Tampa Bay community, as GlobeSt.com previously reported. The company bought the 94%-leased, 436,824-sf asset from New York-based Clarion Partners for $111,111 per unit.
Besides its Durham headquarters office, Zapolski + Rudd has an office in Napa, CA. The company's portfolio focuses on the Southeast and Northern California. Northbridge Atlanta Inc. is a subsidiary of Northbridge Capital Inc. in Washington, DC.
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