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Unanchored Shopping Center Flips for Nearly $5M

DACULA, GA-ANA Associates-IV LLC sells an 11,649-sf shopping center nine months after purchasing it for $3.9 million.

By Gina Kenny | Updated on May 01, 2007

DACULA, GA-ANA Associates-IV LLC, based in Atlanta, sold an 11,649-sf shopping center at 3465 Braselton Hwy. for $4.45 million to Miami-based Asmercove LLC. The sale had an estimated cap rate of 6.73%, says David Wishen, with Shane Investment Property Group.

Wishen tells GlobeSt.com that he believes the cap rate and $382 per sf price are records for an unanchored strip center on the fringe of the Atlanta MSA. Wishen represented ANA Associates in the transaction and Elliott Kyle, also with Shane Investment, represented Asmercove.

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