"This was a situation where we were interested in a stabilizedasset in order to fund other developments that we're involved in,"says Shoemaker. "Despite the slowdown in housing and commercialdevelopment, this property stands in a great area we know is goingto continue to grow."

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Jim Hamilton and C. Whitney Knoll of Holliday Fenoglio Fowler LPrepresented the seller in the transaction. Calls to HFF were notreturned Thursday.

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The property in Cumming, an Atlanta suburb in Forsyth County, isconsidered part of the North Fulton submarket, an area Shoemakersays is one of the fastest growing in the nation. The area has avacancy rate of 10.3% and enjoys the second-highest rental rates inthe Atlanta market at $18.43, according to a Marcus & Millichapsecond-quarter report.

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The center is currently 95% leased, with two vacant spaces at1,100 sf and 1,750 sf. Major tenants, all of which have leaseslocked in for at least five more years, include Publix, HollywoodVideo, and Rice Restaurant and Sushi Bar.

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Mimms, which plans to hold the asset long term, will also handleleasing and management. The company specializes in construction,redevelopment, leasing and management of office, retail andindustrial properties. The company's portfolio includes 6.1 millionsf in Georgia, Florida and Tennessee.

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