DORAVILLE, GA—Halpern Enterprises reports it has sold the Doraville Plaza shopping center here for $15.5 million to Realty Research Corp. of Norcross, GA.
The 191,967-square-foot shopping center at 5700 Buford Highway NE was one of four Halpern-owned centers located along one stretch of Buford Highway. Doraville Plaza if fully leased and anchored by Burlington Coat Factory and includes outparcel tenants such as Krispy Kreme, Chick-fil-A, McDonald's, and Wells Fargo.
“While Halpern Enterprises doesn't typically sell its centers, this transaction was a smart move,” says Cary Halpern, director of acquisitions for the Atlanta-based company. “With cap rates today at historic lows, on top of a great location, this center was a marketable and valuable asset. The timing was right.”
This sale allows the company to focus on reaching into other markets throughout the southeast, Halpern officials say. Zach Taylor and Don McMinn with Marcus & Millichap represented both the buyer and the seller in the transaction.
Before putting Doraville Plaza on the market, Halpern finished capital upgrades at the center, such as painting the façade, updating the parking lot and upgrading the roof.
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