ATLANTA-Costa Mesa, CA-based Black Sox LLC has purchased the 81,600-sf Cruse Crossing Shopping Center at 950 Herrington Rd. in Lawrenceville for $11.4 million.
The seller in the transaction was Georgia-based private partnership Cruse Crossing Associates, LLC. Black Sox was represented by Tyson Korkmaz. Investment advisor Parker Blanchard, of Alpharetta-based Shane Investment Property Group, LLC, represented the seller in the transaction.
"The purchaser was a classic West Coast 1031 exchange investor. They own other properties in the Atlanta market and have been very pleased with their performance thus far," Blanchard tells GlobeSt.com. "Furthermore, Kroger's sales have been very high historically, the center is 100% occupied, consisted of 86% credit tenancy and is positioned in the explosive Gwinnett County neighborhood."
Blanchard adds that Cruse Crossing Associates decided to sell the property to take advantage of "current market conditions, rising interest rates and the desire to free up capital to take advantage of other opportunities."
The shopping center was built in 1995 and is anchored by a Kroger supermarket. Other in-line tenants include Washington Mutual, Pizza Hut and UPS. The property also consists of a Kroger fuel station and two outparcels.
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