DLC paid Jacksonville, FL-based Regency Centers $12.8 million, or about $124.27 per sf, for the 95%-leased property located just east of GA 400 at Holcomb Bridge and Old Alabama roads. Renovated in early 2000, Holcomb 400 is anchored by LA Fitness, Blockbuster and Ballard's Design.
The property has only three vacancies of 566 sf, 1,918 sf and 3,163 sf. The average asking base rent range for inline tenants is about $17 per sf, Daniel M. Taub, DLC's senior vice president, tells GlobeSt.com.
The deal was done at this time "as part of Regency's business plan in connection with their purchase of the much larger Branch portfolio," Taub says. "Holcomb 400 did not fit into Regency's going-forward business plan."
The property was never on the market. The transaction was "direct, between Regency and DLC," Taub tells GlobeSt.com. "DLC and Regency have worked with one another on two previous acquisitions and had an established record with one another."
Barry Argalas of Regency represented his company. Taub negotiated for DLC. In Georgia, DLC also owns and operates Tara Crossing Shopping Center, Jonesboro, 235,219 sf; Lawrenceville Town Center, Lawrenceville, 322,000 sf; and Sprayberry Square, Marietta, 134,134 sf.
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