ATLANTA—Albany Square, a 125,038-square-foot retail power center in Albany, GA, has traded hands. Equity Investment Group sold the asset to Cole Credit Property Trust IV, a real estate investment trust affiliated with American Realty Capital Properties, for $9.7 million free and clear of existing debt.
HFF marketed the property on behalf of the seller. HFF managing director Brad Peterson and senior financial analyst Whitaker Leonhardt in the firm's Orlando office, brokered the deal.
“Albany Square is located at the epicenter of the most dominant retail trade area in southwest Georgia,” Peterson tells GlobeSt.com. “Albany Square is adjacent to a successful Publix Supermarkets and Target and directly across the street from the Albany Mall. With the recent addition of a new Petsmart and Party City to the retail center, combined with recent capital improvements, it feels like a brand new center.”
Albany Square is located at 2707 Dawson Road in Albany and was completely renovated in 2013. The property is 97.% leased to tenants including Hobby Lobby, PetSmart, and Party City.
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