The seller was Atlanta-based Hendon Group LLC, represented by EdNutting and Michael Hubley of Marcus & Millichap's Atlantaoffice, which marketed and listed the property. David Wells of thefirm's Tampa office represented the buyer, identified only asAcworth Commons LLC.

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Wells tells GlobeSt.com that the seller is a developer who seeksto buy a 19-center portfolio and will use the proceeds from AcworthCommons to facilitate that transaction. He adds that the buyer hasacquired $70 million in properties over the past few years, mainlyin Florida. "This deal was attractive to the buyer because itoffers a little higher yield and a better cap rate than propertiesin Florida," he says.

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Wells says the deal represents a trend of buyers seekingproperties north of Florida in search of better yields. "Due to theincreasing costs of owning and operating Florida real estate theyare headed out of state to achieve higher returns," he says.

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Built in 2002, the property is situated on 3.8 acres in Acworth,an Atlanta suburb. It is anchored by Staples with other tenantsincluding Hibbett Sports and Beef O'Brady's. The property is 100%occupied.

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Wells adds that he anticipates the trend to continue untilFlorida can better control property tax rolls and insurance costs."Florida is seeing this trend on the residential side as well," hesays. "A lot of people have begun buying second homes in theCarolinas instead of Florida for the same insurance and taxpurposes."

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