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DULUTH, GA-A Philadelphia-based private investor has acquired the 134,000-sf Medlock Corners shopping center at the corner of State Bridge and Medlock Bridge for $17.15 million. The sale represents a 7.11% cap rate.

The seller was Nashville-based NOM LLC (Newton Oldacre, McDonald). The buyer was represented by Alpharetta-based Shane Investment Property Group senior investment advisor Jeff Enck.

Enck tells GlobeSt.com that the seller was a developer that acquired the property which was a former Wal-Mart and converted it into the current eight-tenant shopping center. The developer decided to sell the property after the conversion was completed. At the time of the sale, the property was 100% leased with tenants including Office Depot, Hobby Lobby and Dollar Tree. The property was delivered free and clear of debt.

Enck says the property was acquired through a 1031 exchange. “The purchaser looked at 30 different properties before acquiring this one,” he says.

The buyer was attracted to this property due to its strong location and the strength of its national tenancy. The property is located across the street from a Target and Home Depot. The buyer plans to hold the asset as a long-term investment. “There are no leases set to expire within the next five years,” Enck says.

Enck, who represents both buyers and sellers of retail properties, says the sale is indicative of strong activity in the Atlanta market. “The market has been very active although activity has slowed a bit in the past six months,” he says. “There is still a lot of buyer interest in Atlanta because cap rates are higher than in other areas of the country.”

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