Crotts Enterprises sold the 98%-leased property to Network 21 Neighborhood Centers for $139.04 per sf. Buyer and seller are from Atlanta. Average asking rent is $16 per sf. Italian Oven and JR Crickets are the major tenants.

Besides its proximity to Atlanta, the Henry County property is strategically located across the street from Eagle's Landing County Club, an 18-hole golf course community, 20 minutes south of Downtown Atlanta.

Atlanta-based NewBridge Retail Advisors managing partner Gary Saykaly, who negotiated for the buyer, tells GlobeSt.com the deal was "an excellent example of the new investment capital entering market, given the attractive leverage returns." Network 21 Neighborhood Centers was "a motivated private investment entity that is relatively new to the retail investment market," Saykaly says.

Unanchored strip centers are "in high demand by these new investors, 1031 exchange buyers and high-net worth individuals," the broker tells GlobeSt.com. "Finding these buyers requires that we maintain a deep network of CPAs, lawyers, brokers and bankers in each of the local markets in the Southeast."

Saykaly says unanchored strip centers are in demand for several economic reasons. "For smaller investment allocations, investors can invest in triple net, single-tenant properties or strips. The single-tenant deals are flat; have much lower yields; sell for a very high dollar-per-sf, especially the Walgreens and similar properties; and have residual risk."

By contrast, "the well-anchored strips provide a diversified income bases; a higher yeield; and increased cash flow potential via increasing shop rents," Saykaly says.

The Shopping Center Group of Atlanta represented the seller.