ATLANTA—Lanier Crossing, an 111,000-square-foot Hobby Lobby-anchored shopping center in Cumming, GA, has traded for $10.6 million. The sale price equals $96 per square foot.

Marcus & Millichap associate Howard Bregman, along with vice president of Investments Brandon Rex, represented the seller, Infinity Property Fund. Rex and Bregman also represented the Northeast-based buyer.

“Lanier Crossing received a significant amount of interest from a variety of investors,” says Rex. “The property is located on a high-profile corner in an area with excellent demographics.”

Specifically, the property is located on 13.6 acres at the intersection of Highway 9 and Highway 20 at 655 Atlanta Road in Cumming, an Atlanta suburb. Lanier Crossing was built in 1964 and expanded and renovated in 1989.

Lanier Crossing has posted average occupancy of more than 90% over the past 10 years. Major tenants include Aaron's Rents, Sherwin Williams, Subway, Sally Beauty Supply, Weight Watchers, CiCi's Pizza, and Jackson Hewitt Tax Services.

Hobby Lobby occupies 49% of the gross leasable area and is in the midst of its first five-year option with one five-year option remaining. That dynamic offered an interesting twist to the deal.

“The buyer needed assurances that Hobby Lobby would probably remain in the center and in the unlikely event it decided to leave, what were the options and what other interested big box tenants there might be,” Bregman says. “We also forecast future refinancing models for the buyer as there was a CMBS loan assumption tied to expiration of the Hobby Lobby's lease option.”