Wells Retail Group of Marcus & Millichap Announces $5.5M Sale of Acworth, GA Shopping Center

Sale Represents Trend in Commercial Real Estate Deals Heading North from Florida, Says David Wells

ACWORTH, GA, March 27, 2008 – Marcus & Millichap Real Estate Investment Brokerage
Company, has announced the sale of the Acworth Commons retail center in Acworth, GA for
$5,507,500. The sales price represents $158 per square foot.

David Wells (photo at right) with the Wells Retail Group of Marcus and Millichap, a top associate working out of the firm’s Tampa office, brought the buyer to the property. The seller is Hendon Group LLC. The buyer is Acworth Commons LLC, based out of CA. Ed Nutting and Michael Hubley marketed and listed the property out of the firm’s Atlanta, GA office.

“The sale represents a common theme of FL owners heading North out of the state in
search of more yield,” comments Mr. Wells. “My clients are an investment group out of CA who
have bought several anchored centers in FL from me over the past few years.

"Due to the increasing costs of owning and operating FL real estate they are headed out of the state to achieve higher returns. Until FL can get their incredible property tax rolls in check and control insurance costs our great state will continue to lose business, both from investors and from the smaller tenants who are particularly feeling the squeeze.

"Florida is seeing this trend on the residential side as well, a lot of people have begun buying second homes in the Carolina’s instead of FL for the same insurance and tax purposes.”

Built in 2002, Acworth Commons is located at 3344 Cobb Parkway in Acworth, GA an
affluent suburb outside of Atlanta. The property consists of 34,949 square feet and is situated on 3.82 acres. The center is anchored by Staples, other major tenants in the center are, Hibbett
Sports and Beef O’brady’s.

For more information about Acworth Commons or the FL shopping center market,
contact David Wells at (813) 387-4700 or 813 387 4778.