ATLANTA—Five Forks Crossing, a 73,910-square-foot, grocery-anchored retail center in Lilburn, GA., has a new owner. SWA Investment sold the shopping center to Kimco Realty Corporation for $10 million.
Fred Victor, vice president with Transwestern‘s investment services group, represented SWA. Ross Cooper, Kimco’s vice president of asset management, acquisitions, and dispositions, represented his firm.
“This deal represents strong institutional investor appetite for solid performing, well located retail properties,” Victor tells GlobeSt.com. “Kroger is one of the most sought after anchors in the market. Investor interest remains very strong for quality grocery-anchored retail centers.”
Five Forks Crossing sits on 6.6 acres at 3050 Five Forks Trickum Road in the Gwinnett County submarket near Ronald Reagan Parkway. Constructed in 1991, the property is 100% leased to several major retailers, including Kroger, Coast Dental, The UPS Store, Wood Eye Care, and Great Clips.
“Retail is still a very popular investment sector in today’s market,” Victor says. “While high quality centers in Metro Atlanta, as an example, are breaking 6 caps, you need the proper location and tenant mix to achieve top pricing.”