David Garfunkel, managing member of David Garfunkel & Co., says the current tenancy was the drawing card for the acquisition as was the condition of the 10-year-old center at 200-500 Cornerstone Blvd. "We were pleased with the tenancy," he says. "This is a major power center in Hot Springs with some really good anchors. Plus the shopping center is in very good condition and won't require a lot of upgrading."
While the buyer is happy with his new buy, the seller, CRI, was pleased as well with the offers that came through for the listing. "We had a handful of buyers, mostly private groups, interested in this," says Margaret Caldwell, managing director of Jones Lang LaSalle. She and JLL managing director Kris Cooper represented the seller in a deal that closed when they were affiliated with Cushman & Wakefield of Georgia Inc.
Caldwell tells GlobeSt.com that Garfunkel ended up with the 10-year-old retail center because of certainty of close and its price. She says the center's lease roll is minimal although there is some upside when it comes to rents. "This is a good, solid center and the Number One retail property in town," she explains. "There isn't anything that holds a candle to it insofar as competition."
The asset is anchored by Office Depot, Goody's Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland's and T.J. Maxx. Shadow anchors are Lowe's Home Improvement Center and Belk's Department Store.
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