300,264-SF Macon Center Snags $30-Mil Buyer

MACON, GA-Inland Retail Real Estate Trust Inc. has shelled out $30 million for the 300,264-sf first phase of Macon’s Eisenhower Crossing Shopping Center. An inside source tells GlobeSt.com that the center was not on the market.

Faison-Sofran II Partnership No. II is the seller of record. Faison-Sofran is a partnership of the Sofran Group, based in Atlanta and Charlotte-based Faison Enterprises. David Lampke of Dallas-based Trammell Crow Co.’s Charlotte office represented the Faison-Sofran selling entity while Inland used in-house senior vice president of acquisitions, Steve Sanders, to negotiate the deal.

The first phase to Eisenhower Crossing was completed just last month. It is located on 88 acres along Eisenhower Parkway between Colonial Macon Mall and Interstate 475. Eisenhower Crossing’s major tenants include Old Navy, Staples, Michael’s, Marshall’s, Bed, Bath & Beyond and Dick’s Sporting Goods. Shadow anchors in the center include Target and Best Buy. The shadow anchors are not part of the transaction.

In early 2002, when construction of Eisenhower Crossing is fully complete, Inland Retail will buy the 55,696-sf Kroger supermarket and an additional 30,500 sf of retail space at the center, says an inside source. In all, Inland will get nearly 390,000 sf.

The latest acquisition brings Inland Retail’s total portfolio to 4.25 million sf of prime retail space, including more than 1.4 million sf at 10 Georgia properties. Inland’s Georgia holdings include Town Center Commons in Kennesaw, Bartow Marketplace in Cartersville, Acworth Avenue in Acworth and Stonebridge Square Roswell.