The seller was Nashville-based NOM LLC (Newton Oldacre,McDonald). The buyer was represented by Alpharetta-based ShaneInvestment Property Group senior investment advisor Jeff Enck.
Enck tells GlobeSt.com that the seller was a developer thatacquired the property which was a former Wal-Mart and converted itinto the current eight-tenant shopping center. The developerdecided to sell the property after the conversion was completed. Atthe time of the sale, the property was 100% leased with tenantsincluding Office Depot, Hobby Lobby and Dollar Tree. The propertywas delivered free and clear of debt.
Enck says the property was acquired through a 1031 exchange."The purchaser looked at 30 different properties before acquiringthis one," he says.
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