ATLANTA—Among CORFAC International's top commercial transactions in April was its work representing the buyer of the shuttered Shannon Mall in the Atlanta suburb of Union City, GA.
Sim F. Doughtie, SIOR, CCIM, MCR, SLCR and president of King Industrial Realty/CORFAC International represented Rooker, an Atlanta-based developer, in the acquisition of Shannon Mall, a 90-acre shuttered shopping center in the Atlanta suburb of Union City. Rooker plans to demolish the mall and build up to 1.2 million square feet of warehouse, distribution and logistics facilities that will target e-commerce occupiers, company officials say.
The deal was conceived and engineered by Doughtie, who first approached Union City Mayor Vince Williams (before Williams became mayor) with the idea, pointing out that e-commerce centers generate new higher paying jobs. Williams embraced the idea enthusiastically and worked with Union City officials to get zoning changed from retail to commercial to enable the sale, CORFAC officials state.
Additional complications that Doughtie overcame during the sale process included getting all three mall property sellers to agree to terms. Rooker purchased the 90-acre property, which included 10 acres of outparcels from several owners, including Lee Group USA, MB-REO Retail MB-REO Land and Sears, Roebuck and Co. Inc., one of the mall's former anchors.
Other deals of note reported by the Falls Church, VA-based firm include the acquisition of Island View Crossing, a 179,673-square-foot office building located at 1414 Radcliffe St. in Bristol, PA. Lawrence A. Doyle Jr. of Arlington Group Real Estate/CORFAC International brokered the $12.5-million transaction. A partnership involving Red River Asset Management of New York and Arlington Group Real Estate of Conshohocken, PA, the latter of which Doyle is a principal, acquired the property. Lenox Corp. is a major tenant in the building and just signed an 11-year lease extension on 100,000 square feet at the property. Arlington Group Real Estate is the leasing agent on the building. Doyle's group plans to rename the property the "Lenox Building." Other tenants include Strategic Distribution Inc. and a regional office for Staples.
CORFAC also reported that John Homsher, CCIM, with Podolsky|Circle CORFAC International, represented Kelly Mitchell Group in a 6,212-square-foot office lease at 321 N. Clark in Chicago.
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