New Plan Excel of New York paid Chicago-based Capri/Capital Advisors $19.5 million, or $56.16 per sf, for the 347,197-sf, 16-year-old, 69%-leased Stone Mountain Festival at in Stone Mountain. A 235,000-sf Wal-Mart Supercenter anchors the center at 1825 Rockbridge Rd.
"The seller realized strong pricing, thanks to an orchestrated marketing process, coupled with favorable capital market conditions," says Christopher J. Decoufle, a broker in TCC's local office. Decoufle and Whitney Knoll, also in the local office, represented the seller.
In Jonesboro, Knoll negotiated a $7.3 million sale price for the 62,234-sf, 10-year-old Jonesboro Corners, owned by Lakeland, FL-based Publix Supermarkets Inc. Jonesboro Corners LLC of Atlanta paid $117.29 per sf for the 98%-leased property. Publix is also the anchor tenant.
The deals were done at this time because "the overall (retail investment sales) market is very strong and therefore, the timing (to buy and sell) was right," TCC senior vice president John M. Crossman tells GlobeSt.com. He says the properties were on the market for 70 days and the deals took about 45 days to complete, from contract signing to closing. "We continue to see a very strong appetite for retail centers."
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