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Lamar Enters GA with $23M Buy

FAYETTEVILLE, GA-New Jersey investor acquires Banks Crossing Shopping Center in a residential growth area.

By Natalie Keith | Updated on April 11, 2008

FAYETTEVILLE, GA-Lamar Cos. has acquired the 256,930-sf Banks Crossing Shopping Center in this Atlanta suburb for nearly $23.2 million. This is the Morristown, NJ-based investor’s first acquisition in Georgia.

Banks Crossing is anchored by Kroger and JCPenney, with junior anchors including Guitar Center and Farmer’s Home Furniture. The center fronts Georgia Highway 85 at the intersection of Banks Road, within Fayette County’s growing residential communities, and is situated 11 miles south of the Atlanta Hartsfield-Jackson Airport and approximately 20 miles south of Downtown Atlanta.

While Lamar acquires shopping centers showing potential for income growth through redevelopment or tenant replacement, Banks Crossing appears to be the opposite in that it is currently 98% occupied, according to Tony D’Ambrosio of Colliers Spectrum Cauble, who represented seller AIG Baker in the transaction. “This wasn’t a value-add play, although there does seem to be opportunity to achieve some modest rent growth in the future,” he says.

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