X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FAYETTEVILLE, GA-Lamar Cos. has acquired the 256,930-sf Banks Crossing Shopping Center in this Atlanta suburb for nearly $23.2 million. This is the Morristown, NJ-based investor’s first acquisition in Georgia.

Banks Crossing is anchored by Kroger and JCPenney, with junior anchors including Guitar Center and Farmer’s Home Furniture. The center fronts Georgia Highway 85 at the intersection of Banks Road, within Fayette County’s growing residential communities, and is situated 11 miles south of the Atlanta Hartsfield-Jackson Airport and approximately 20 miles south of Downtown Atlanta.

While Lamar acquires shopping centers showing potential for income growth through redevelopment or tenant replacement, Banks Crossing appears to be the opposite in that it is currently 98% occupied, according to Tony D’Ambrosio of Colliers Spectrum Cauble, who represented seller AIG Baker in the transaction. “This wasn’t a value-add play, although there does seem to be opportunity to achieve some modest rent growth in the future,” he says.

D’Ambrosio, who partnered with fellow retail broker Joe Montgomery on the sale, tells GlobeSt.com that Birmingham, AL-based AIG Baker is a merchant developer that does not typically hold on to properties once they’ve been developed. “The seller wanted to recycle their equity into their newer developments which are a bit larger,” he says.

Lamar also owns retail centers in Alabama, Florida, Indiana, Kentucky, Minnesota, North Carolina, Ohio, Pennsylvania, South Carolina and Texas. The company is an all-cash buyer that prefers to acquire centers with existing positive cash flow.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.