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.

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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.

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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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The buyer was attracted to this property due to its stronglocation and the strength of its national tenancy. The property islocated across the street from a Target and Home Depot. The buyerplans to hold the asset as a long-term investment. "There are noleases set to expire within the next five years," Enck says.

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Enck, who represents both buyers and sellers of retailproperties, says the sale is indicative of strong activity in theAtlanta market. "The market has been very active although activityhas slowed a bit in the past six months," he says. "There is stilla lot of buyer interest in Atlanta because cap rates are higherthan in other areas of the country."

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