The top price was at the 47,955-sf Shops at Laurel Springs on Peachtree Parkway in Suwanee where GDC paid $10.3 million, or about $214.28 per sf. Hair Cuttery, Pak Mail, Pizza Hut and Duron Paints are other key tenants.
Also over the $200-per-sf level was Publix at Centerville on Centerville Highway in Lithonia. GDC paid $9.7 million, or $203.09 per sf, for the 47,955-sf property. Blockbuster, GNC, Great Clips, Subway and Washington Mutual are among the main tenants.
In Morrow, GA, GDC paid $11 million, or $196.33 per sf, for the 55,999-sf Publix at Mt. Zion on Mt. Zion Boulevard. Philly Connection, Washington Mutual, Hair Cuttery and the UPS Store back up the anchor.
At Publix at Old Peachtree on Buford Drive in Lawrenceville, the New York developer paid $8 million, or about $167.99 per sf, for the 47,955-sf center.
"The record-setting Publix portfolio sale was one of the smoothest transactions in my recent memory," says C. Whitney Knoll, director of retail investment services at Trammell Crow Co., who handled the transactions for Minerva Real Estate. "This was the result of a knowledgeable, professional and hard-working seller team, buyer team and management team."
Knoll says the cap rate for the entire acquisition was in the low 7% range which he calls "a record number" for the real estate category.
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