ROSWELL, GA-In one of the highest per-sf-price paid for a shopping center in the Southeast this year, New York-based Gemini Real Estate Advisors LLC and 10 other tenant-in-common investors acquired the 58,547-sf Indian Creek Shopping Center in this Atlanta suburb for $12.6 million or a premium $215.21 per sf.
The transaction involved a 1031 exchange. The property is on Alabama Road NE between Interstate 585 and GA 400. L.A. Fitness anchors Indian Creek Shopping Center.
"The inherent quality of the asset, the strength of L.A. Fitness and the nature of our tenant-in-common structure will meet the needs of our 1031 investors," says Gemini president Will Obeid. The investment "provides secure, reliable income and a reasonable expectation for appreciation in value over our projected holding period." Gemini typically holds properties for seven to 10 years, Obeid says.
The deal was done at this time because the property stood out among other properties the investment group had reviewed. "We were attracted to this property because it is new construction; is anchored by premier fitness center chain in the Southeast; and is in a great area where high household incomes and relatively inexpensive housing lead to tremendous disposable incomes that create a demand for the services provided by Indian Creek's tenants," says Gemini vice president Dante Massaro.
Gemini is a founding member of the Tenant-In-Common Association and has offices in New York City and Charlotte, NC.
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