Glenwood Development Acquires Retail Center for $21M

COLUMBUS, GA-Glenwood Development of Mooresville, NC has picked up a potentially valuable retail asset in this military base city of 200,000 population with the acquisition of the 47-year-old, 408,283-sf Cross Country Plaza at Macon Road and Interstate 185.

Atlanta-based NewBridge Retail Advisors, which represented seller Oaktree Capital Management of New York, declined to disclose the acquisition price. But area brokers familiar with the 67%-leased property tell GlobeSt.com the price was about $20.8 million or $50.95 per sf, below replacement cost of a comparable asset today.

“Over the past few years, Cross Country Plaza has been repositioned and redeveloped into one of the dominant shopping centers in the market,” NewBridge managing partner Gary Saykaly tells GlobeSt.com. The deal took 60 days to complete, from contract signing to closing.