The seller was South Carolina-based White Horse Associates LLC,which was represented by Del Creviston, of Sperry Van Ness inRoswell, GA. The buyer represented itself. The property had beenlisted with another brokerage firm for a year prior to beingmarketed by Sperry Van Ness.

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Built in 1988, the property was originally anchored by Wal-Martand Winn Dixie. Approximately 10 years ago, these two tenantsvacated and the property went into foreclosure. White HorseAssociates, LLC acquired the property out of foreclosure andredeveloped it.

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The center is located on 30.51 acres near Interstate 85. It iscurrently 96% occupied with major tenants including Dollar General,Fred's and CitiTrends. "Though the property had been redevelopedand reconfigured, several of the larger leases were coming up forrenewal and the property was in need of significant capitalimprovements, providing Sperry Van Ness with a challengingmarketing program," Creviston says. "While the property generatedmany interested prospects, most were concerned by the dollarsneeded to bring it back up to snuff. Ultimately, after muchdiligence and persistence, we identified an appropriate buyer andthe property sold at a 9.5% cap rate."

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