ATLANTA--Lowe’s Home Improvement Center in Gainesville, GA,about 48 miles from Atlanta, has sold $7.2 million or $58.09 persquare foot with a cap rate of 9.22%, to a real estate investorbased here. The seller was V&V Lakeshore, Ltd. of Youngstown,OH, a private investor. The purchase included a total grossleasable area of 123,948-square feet which includes shop space fortwo small tenants along with the Lowe’s store. The transaction alsoincluded nearly 13 acres.

Tim Giambrone, vice president for investments and director ofMarcus & Millichap’s national retail group in Atlanta,represented the buyer and seller in the deal.

The Lowe’s lease is for 20 years with less than four yearsremaining, says Giambrone. The price of a retail center is afunction of the rent, he says. If the rent is low, the price willbe low, says Giambrone, while declining to say what the currentrent for Lowe’s is. The property sold for roughly $7.4 million atthe end of 1996 and its appraised value in 2009, according to HallCounty, GA records, was nearly $7.5 million.