An affiliate of Norfolk, VA-based Harbor Group International LLC sold the property at Dawson and Old Dawson roads for $50.49 per sf. The average asking base rent at the center is $14 to $16 per sf, area retail brokers tell GlobeSt.com.
Jamie Hiatt and Dennis Carson of Miami-based Blackrock Retail Property Advisors negotiated for the seller. Hiatt works out of the company's Atlanta office; Carson operates from Miami. The buyer represented itself.
The deal was done at this time because "the seller was taking advantage of the strong market," Hiatt tells GlobeSt.com. The entire transaction took six months, from initial marketing to closing. The property was on the market for only 30 days, "from the beginning of marketing to the receipt of final offers," Hiatt says.
Although occupancy at closing was 96.6%, Books-a-Million was scheduled to relocate shortly after the closing, lowering the occupancy level to 80%, the broker tells GlobeSt.com. Winn-Dixie Marketplace, Goody's and Rugged Wearhouse anchor the property.
Hiatt says Blackrock has completed shopping center sales and financings totaling $270 million in the past nine months.
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