Wells declined to disclose the sale price. But area retail brokers familiar with the property in suburban Stockbridge, GA, tell GlobeSt.com the center probably sold for at least $120 per sf or a total $22.6 million. The 98.6%-leased center was built in five phases from 1991 through 1996.
Wells also wouldn't disclose average asking base rents but company officials confirmed there were 47 tenants occupying premises at closing time. Besides Kroger, other name tenants are Blockbuster, Applebee's, Taco Mac, Folks and Damon's.
Wells wouldn't disclose what it originally paid for the property. But in a prepared statement, Parker Hudson, Wells' managing director of dispositions, says the company is "extremely pleased to sell such quality assets in the current favorable sales market."
Neal Pringle of the Shopping Center Group LLC assisted Wells in the transaction. The property is about 15 miles south of Hartsfield-Jackson Atlanta International Airport.
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