G & I Augusta LLC, an affiliate of New York-based DRA Advisors LLC, sold the 71%-leased property to BPG Properties Ltd. for $101.51 per sf. The Kroger-anchored community center is at Bobby Jones Expressway (Route 520), the main thoroughfare in Augusta, and Wrightsboro Road. Atlanta-based Spectrum Cauble Management will lease and manage the property.
BPG principals say the deal was done at this time to tie in with the planned 135,000-sf expansion and renovation of General Growth Co.'s Augusta Mall. "The appeal of this acquisition was the opportunity to acquire a well-located retail center in a growing market," Elizabeth Owens, senior vice president of BPG, says in a prepared statement. She directed the acquisition for BPG. Whitney Knoll and Lynn DeMarco of Trammell Crow Co. negotiated for the seller.
Besides Kroger, the tenant roll includes Chuck E. Cheese, Harbor Freight Tools, Catherine's, Casual Male Big & Tall and Burger King.
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