CUMMING, GA—The Brannon Crossing ShoppingCenter here has changed hands in a deal valued at $15million.

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The 60,780-square-foot shopping center was sold byBrannon Crossing, LLC to an undisclosed buyer.Brokerage firm Avison Young, which represented theseller in the transaction, reported the sale. Avison Young's FortLauderdale-based principals AJ Belt III andBrian Mark, and David Duckworth,vice president of investment sales, completed the Brannon Crossingtransaction on behalf of the seller.

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Built in 2007, Brannon Crossing is situated at the signalizedintersection of Peachtree Parkway (SR 141), the dominantthoroughfare through Forsyth County, which travels south throughthe heart of Atlanta and Ronald Reagan Boulevard. Key tenantsinclude a sit-in/drive-through Starbucks and a T-Mobile store.

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“The Atlanta Metro area is showing signs of strongrecovery and is now back on the radarof most investors after previous years of slow retail real estateactivity,” says Avison Young's Belt. “Retail investment deals arebecoming more attractive to both institutional and private equityinvestors as underlying economic fundamentals, including decreasingvacancy rates and rising rents, continue to improve. As such, ourteam was able to position Brannon Crossing as a premier investmentasset resulting in the quick, successful sale of the property.”

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Avison Young says the transaction, one of the larger retailproperty sales in Cumming to-date in 2014, comes on the heels ofthe firm's recent disposition of the 27,057 square-foot LindberghCrossing Shopping Center in Atlanta for $7.06 million.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.