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

Jim Hamilton and C. Whitney Knoll of Holliday Fenoglio Fowler LP represented the seller in the transaction. Calls to HFF were not returned Thursday.

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

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

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