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Shopping Center Deals More Challenging

ATLANTA-Brokers see opportunities for cash buyers, but fewer sellers at current prices.

By Carl Cronan | Updated on February 26, 2009

ATLANTA-Sales of community shopping centers are still happening for all-cash buyers seeking upside opportunities. The challenge is finding current owners who are willing to sell at current low prices, say retail brokers.

Case in point is the sale of Henderson Square, a 166,000-square-foot outdoor center in Henderson, NC, to Warrendale, PA-based H.L. Libby Corp. for $8.3 million, or $50 per square foot. The seller was Australian-based Centro Properties Group, which has been disposing of various properties to raise capital.

Tony D’Ambrosio, vice president of Atlanta-based Colliers Spectrum Cauble who represented Centro in the sale, says Henderson Square represents a strong value-add opportunity since the center is currently 81% leased. The town’s largest shopping center near Interstate 85 is anchored by Belk and JCPenney, with a Wal-Mart Supercenter nearby.

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