(For more retail coverage, click GlobeSt.com/RETAIL.)

ATLANTA-Costa Mesa, CA-based Black Sox LLC has purchased the 81,600-sf Cruse Crossing Shopping Center at 950 Herrington Rd. in Lawrenceville for $11.4 million.

The seller in the transaction was Georgia-based private partnership Cruse Crossing Associates, LLC. Black Sox was represented by Tyson Korkmaz. Investment advisor Parker Blanchard, of Alpharetta-based Shane Investment Property Group, LLC, represented the seller in the transaction.

“The purchaser was a classic West Coast 1031 exchange investor. They own other properties in the Atlanta market and have been very pleased with their performance thus far,” Blanchard tells GlobeSt.com. “Furthermore, Kroger’s sales have been very high historically, the center is 100% occupied, consisted of 86% credit tenancy and is positioned in the explosive Gwinnett County neighborhood.”

Blanchard adds that Cruse Crossing Associates decided to sell the property to take advantage of “current market conditions, rising interest rates and the desire to free up capital to take advantage of other opportunities.”

The shopping center was built in 1995 and is anchored by a Kroger supermarket. Other in-line tenants include Washington Mutual, Pizza Hut and UPS. The property also consists of a Kroger fuel station and two outparcels.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.