The Oak Brook, IL-based investor paid 965 North Point Commons ofAtlanta $4.9 million or $127.54 per sf for the freestanding,eight-month-old, 38,418-sf Jo-Ann Fabrics store at the North PointsCommons Shopping Center in suburban Alpharetta, GA.
Although he paid top dollar for the asset, IRRETI presidentBarry Lazarus says in a prepared statement he was drawn to theproperty by its solid demographics. "The area has experiencedstrong population growth, paving the way for continuous commercialgrowth," Lazarus says.
The store is just east of GA 400; a half mile from the NorthPoint Mall; and 25 miles north of Downtown Atlanta. Jo-Ann StoresInc. has a double-net lease which runs through 2016.
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