COLUMBUS, GA-Coro Realty Advisors, LLC of Atlanta reports it has acquired the 368,360-square-foot Cross County Plaza retail property here from Glenwood Development Company of Huntersville, NC.
The acquisition was financed by a loan from Northwest Mutual Real Estate Investments, LLC. No terms of the purchase deal were released.
Coro Realty officials say the company sees Cross Country Plaza as an opportunity to blend stable income from national credit anchors like Publix, TJ Maxx and Office Max, with opportunistic returns from strategically renovating and re-tenanting portions of the property.
Coro Realty President John Lundeen says, "We bought Cross Country Plaza below replacement cost, and as a core+ property with upside. National credit tenants make up 58% of the GLA and contribute 70% of the existing income. Plus, tenants with 10+ years of occupancy at the center make up 48% of the GLA and contribute 56% of existing gross income."
In addition, the new owner sees potential to lease vacant space, expand existing tenants, reposition and redevelop certain portions of the center, and spin off outparcels.
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