Putterman was the sole broker in the 2001 transaction and also the sole broker representing the seller in the current transaction. Without disclosing the acquisition price three years ago, Putterman says the seller achieved an "outstanding return," adding that the property sold at a cap rate of less than 7%.
Over the past three years, the center, located at Blair Mill Road and Moreland Avenue, began conversion to an open-air community strip shopping center with a mix of national, regional and local tenants. A 105,000-sf Wal-Mart now anchors, and the center is more than 80% leased. Other tenants include Acme, AJ Wright, Pets Plus, Dollar Tree, Eckerd, and Citizens Bank and Wachovia Bank. There is opportunity for outparcel development.
CCIRE specializes in shopping center transactions and has exclusive listings of assets priced between $3 million and $45 million in Georgia, Maryland, and New York City. CCIRE operates a second office in Palm Beach Gardens, FL.
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