Broker Bill Hain of Venture West Funding of El Segundo, CA arranged $14 million in acquisition financing with New York-based Bear Stearns for the 100%-leased, 24-tenant property at 4919 Flat Shoals Parkway. The 10-year loan is being amortized over 30 years.
The 16.35-acre DeKalb County property, 10 miles southeast of Downtown Atlanta, is anchored by a 64,905-sf Kroger grocery. Other name tenants are Goodyear, Nationwide Insurance and H&R Block.
Hain says the acquisition was made at this time because the buyer is "diversifying his portfolio of grocery-anchored retail shopping centers from a core holding of apartment buildings." He says the buyer was coming out of a 1031 Exchange.
Hain adds the property was "not actually exposed to the open market. The buyer's agent made an unsolicited offer." The financing component was completed in 90 days, although a typical close is 30 to 45 days, Hain says. Additional time on this transaction was needed because the seller "exercised two options to extend the escrow period," the broker says.
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