VILLA RICA, GA-The Sofran Group of Montreal received top dollar for its six-month-old, 76,224-sf Village at Mirror Lake shopping center in this suburban town of 6,988 residents 20 miles west of Downtown Atlanta.
Mirror Lake LLC of Bethesda, MD paid $13.8 million, or a premium $181.04 per sf, for the 93%-leased property located directly off Mirror Lake Boulevard near Interstate 20. Craig Taylor of CB Richard Ellis Inc.'s Retail Investment Group in Atlanta represented the seller. Scott Jackson of Jackson Corporate Real Estate negotiated for the buyer.
"This property offers the buyer an excellent investment opportunity as this retail center is located in Paulding County, one of the fastest growing counties in the United States," says Taylor. "The county is seeing increased homeownership and the continued development of new neighborhoods nearby."
The broker is confident the new center "will reap the benefits of increased traffic flow" from the area's population growth. Taylor says studies show traffic counts of 10,144 cars daily off Mirror Lake Boulevard and 130,000 cars traveling past the property each day on Interstate 20.
A Publix grocery anchors the center. The average asking rent range is $19 to $23 per sf for non-anchors. The Sofran Group was founded in 1980 in Montreal by Norman Zavalkoff, the company's president. Sofran has a regional office in Atlanta and a US corporate office in Ponte Vedra, FL near Jacksonville, FL.
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