Lui and Pioneer paid H.P. Merchants Square of Atlanta $5.5 million or $35.48 per sf for the 10-tenant, 17-year-old center on Marketplace Boulevard at the corner of Highway 9 and Hutchinson Road in Forsyth County, about 50 miles north of Downtown Atlanta.
Although several major retailers, including Wal-Mart and Ingles Grocery have left the center and relocated to the east side of GA 400, broker Dickson Cannon of Quest Realty Advisors LLC, which did the deal, tells GlobeSt.com Merchants Square is "a good fit" for the new owners.
"Demographics west of GA 400 in the Cumming area are very strong," even after the relocations of some retailers, Cannon says. "The purchasers have a lot of foresight and have extensively investigated this submarket for opportunities."
Although Wal-Mart and Ingles vacated their space, they still continue to pay rent, Cannon says. Quest will be closing on several similar transactions in the Southeast shortly, the broker tells GlobeSt.com.
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