(Crystal Proenza is associate editor of Real EstateFlorida.)
BUFORD, GA-Halpern Enterprises, one of the largest retail developers in metro Atlanta, has sold Mill Creek Crossing, a 50,785-sf shopping center for $7.7 million, or $152 per sf. The buyer, Mill Creek Crossing LLC, is backed by a private investor based in Georgia who plans to hold and stabilize the asset.
The property is 25 miles northeast of Downtown Atlanta and is anchored by both Wal-Mart Supercenter and Lowe's. The 18-tenant property is 88% occupied, half of which are national credit tenants, including Dollar Tree, GameStop, Sylvan Learning Center and Weight Watchers. Rents range between $14 and $16 per sf within the property, with potential for rental upside.
Andy Mitwol of Shane Investment Property Group exclusively represented the seller, Halpern Enterprises, while Drew Fleming of Shane Investment Property Group represented the buyer. This was the buyer's first purchase in the Atlanta market.
"From the seller's perspective, they saw it was a good time to cash out on some equity they built in the project," says Mitwol. "Halpern Enterprises wanted to take advantage of other opportunities in the marketplace."
Mill Creek Crossing is located near Interstates 85 and 985 on Buford Drive/Highway 20, a heavy traffic corridor with major retailers within three miles, says Mitwol. The Mall of Georgia, the largest enclosed mall in the state, is also located just three miles from the retail center, an area that touts an average household income of $94,000 to $105,000.
Meanwhile, Halpern Enterprises continues to work on projects throughout metro Atlanta, including Belmont, a redevelopment of a 486, 896-sf mixed use shopping center and residential project in Smyrna, and Publix-anchored Village at New Georgia, a shopping center development in Villa Rica.
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