ATLANTA-With the retail sector booming, Colliers Spectrum Cauble has handled the sale of five retail centers in the first quarter, representing more than $14.3 million in sales. The retail investment specialist team of Joe Montgomery and Tony D'Ambrosio handled the sales.
Montgomery tells GlobeSt.com that sales are indicative of the strong retail market in Atlanta. "The investor demand remains very heavy for retail properties of all shapes and sizes," he says. "Necessity retail is favored by investors. Shopping patterns demonstrate that shoppers more frequently visit shopping centers anchored by supermarkets or discount stores."
The sales include the 15,035-sf Holcomb Corners Shopping Center at 3375 Holcomb Bridge Rd. in Norcross to 3375 Holcomb Bridge LLC for $2.8 million. The unanchored center was built in 1986 and was 94% occupied at the time of the sale. Tenants include Cingular Wireless, Custom Signs and Schlotzky's. The team represented the sellers.
The 14,677-sf Plaza at Town Lake, a six-year-old center located at 2370 Towne Lake Parkway, was sold for $2.5 million to Plaza at Towne Lake LLC. It was 55% occupied at the time of the sale. The team represented the buyer, WMW Consolidated Properties and the seller, Plaza at Towne Lake LLC, in the transaction.
Towne Lake Commons, a 15,050-sf property located at 2340 Towne Lake Parkway in Woodstock, was sold to Woodlands of Athens Cottage Rentals LLC for $2.99 million. The team represented the seller, the Hawley Corp., in the transaction. In conjunction with this sale, the Hawley Corp. sold a 34,707-sf retail center on the southwest corner of US Highway 278 and GA Highway 92 in Hiram for $3.985 million.
The 53,841-sf Claxton Crossing Shopping Center at 1016 Claxton Dairy Rd. in Dublin was sold to Chriscold LLC, Hepatica Holdings Ltd. for just over $2 million. The 20-year-old center was 83% leased at the time of the sale. The team represented the seller, Hillcrest Associates, in the transaction. "Consumer spending has remained at a high level so retailers are doing well and are looking for opportunities to expand," Montgomery says.
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