New Plan Exel Buys Wells' Shopping Center

ATLANTA-Taking advantage of strong institutional investor demand for retail assets, locally based Wells Real Estate Funds has sold its 13-year-old, 188,000-sf Stockbridge Village shopping center to New York-based New Plan Excel Realty Trust Inc.

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.