LAWRENCEVILLE, GA-Boston-based Cabot Investment Properties has acquired the 212,722-sf Village Shoppes at Creekside retail center at 860 Duluth Highway with $39.5 million in first mortgage financing. The 10-year mortgage was funded by Wachovia Securities.
CB Richard Ellis capital markets group managing director Keith Braddish and VP Jason Gaccione secured the financing. "At the time of the closing, occupancy at the property was approximately 75%; however, there were signed leases for much of the balance," Gaccione says. "Wachovia underwrote to 95% occupancy enabling Cabot to borrow full proceeds."
Developed by Sugar Hill, GA-based Flexxon Operating Ltd., construction of the Village Shoppes at Creekside was completed in 2007. Among tenants in the property are Staples, Starbucks, Gold's Gym and Chipotle. Located at the intersection of Duluth Highway and Lawrenceville-Suwannee Road near Gwinnett Medical Center, the property is located directly across the street from Target, Ross, Home Depot and Marshalls.
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