Saturday, January 7, 2012
WARNER ROBINS, GA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Crossroads Marketplace (top centered photo), a 71,167-square foot retail center in Warner Robins, home of the Warner Robins Air Logistics Center (middle left photo), Georgia’s largest employer in a single location.
The sales price of $11,250,000 represents $158 per square foot.
Daniel “Sonny” Molloy (top right photo), a vice president investments in Marcus & Millichap’s Atlanta office, represented the seller, Citizens Square LLC, a Georgia limited liability company. Molloy also provided representation to the buyer, Cole Real Estate Investments.
“At the time of the sale, Crossroads Marketplace was 91 percent leased,” says Molloy, “with 73 percent of the overall income stream being guaranteed by corporate tenants such as Best Buy, Bed Bath & Beyond and Olive Garden, all of which are on long-term leases.”
“Crossroads Marketplace maintains a unique advantage over other centers in the local market because it is up-to-date, highly visible and maintains a diverse group of sought-after tenants, including Kroger, Kohl’s and Outback Steakhouse,” adds Molloy. “Crossroads is the first major retail center motorists encounter when exiting Interstate 75 and traveling eastbound on Watson Boulevard.”
The shopping center was constructed in 2007 on 10.9 acres. It is located approximately three miles east of Interstate 75 at the intersection of Watson Boulevard— the Georgia State Road 247 Connector—and Willie Lee Parkway in Warner Robbins.
Situated directly across the street from Galleria Mall, the center is in close proximity to Houston Medical Center, the Warner Robins Air Logistics Center and several residential communities. Traffic counts within the vicinity are estimated at 32,790 cars per day.
In 2009 and 2010, Business Week magazine named Warner Robins the best place in Georgia in which to raise a family.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716