BAINBRIDGE, GA-The 153,770-sf Bainbridge Mall at 1400 East Shotwell St. was acquired by Lake Worth, FL-based In-Rel Management Inc. The seller was Columbia, SC-based Edens & Avant.
Kris Cooper and Margaret Caldwell of Cushman & Wakefield's Atlanta office handled the sale in partnership with Jim Michalak of Tampa, FL-based Plaza Advisors. The partially enclosed mall was constructed in 1973 and is anchored by a 40,800-sf Belk Department Store. It was approximately 92% leased at the time of the sale. The sales price was not revealed but similar transactions have sold for approximately $9 million.
Cooper, senior director and team leader at Cushman & Wakefield, tells GlobeSt.com that Edens & Avant decided to sell the property because they are looking to acquire properties in larger cities, rather than tertiary markets like Bainbridge. "The seller's current appetite is more in the first-tier cities in higher end properties," Cooper says.
On the other hand, In-Rel Management viewed the property as a buying opportunity. "The buyer buys in third tier markets with lower prices and higher cap rates because he views it as an opportunity. The Bainbridge Mall is the type of properties he's after," Cooper says.
Cooper adds that the sale reflects the strength of the property type. "The sale of Bainbridge Mall confirms that there is still a need for mall shopping despite the intrusion and drawing power of a Wal-Mart Supercenter in the same tertiary city," Cooper says.
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