Crow's most recent sale of the 77,336-sf Lovejoy Station in this Atlanta suburb runs the division's aggregate transaction value total to $200 million, says Whitney Knoll, the division's senior vice president.
A.J. & C. Garfunkel of Savannah, GA paid Jacksonville, FL-based Regency Centers Corp. $10.7 million, or $138 per sf ,for the nine-year-old, 95%-leased south metro Atlanta property. Knoll and senior associate Brad Peterson negotiated the deal for Regency.
Strongly leased and well-maintained grocery-anchored retail centers continue to be in demand by institutional and private buyers, area brokers tell GlobeSt.com. Among the 2003 sales were the Butler Creek Shopping Center in Acworth, GA, 25 miles northwest of Downtown Atlanta and the Northbridge Shopping center in suburban Dunwoody, GA.
Miami-based Equity One Inc. paid Georgia investor David C. Rowe $12 million, or $126.57 per sf, for the 98%-leased, 95,595-sf, 13-year-old Butler Creek Shopping Center in July 2003. Zapolski + Rudd LLC, a six-year-old Durham, NC-based investment and development company, paid Northbridge Atlanta Inc. $7.2 million, or $94.34 per sf, for the 20-year-old, 88%-leased, 75,792-sf Northbridge Shopping Center in October 2003."
"An investment in a sound neighborhood shopping center, anchored by a strong grocer, is gold today," John M. Crossman, senior vice president, investment retail sales in Crow's Orlando office tells GlobeSt.com.
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