ATLANTA, GA --- The Knoll-Hillis Team at Newmark Grubb
Knight Frank Capital Group in Atlanta recently negotiated a record price in the
sale of the 81,159 square foot Publix-anchored
Village Walk retail center (top left photo) at 270 Rucker Rd. in Roswell.
Whitney Knoll (middle right photo), who
heads the investment sales team at Newmark Grubb Knight Frank, said Village Walk, built in 2005 and redeveloped
three years ago, was 95.3 percent occupied at the time of sale with an “A” list
of tenants that includes one of only two Publix Pix gas stations in Georgia,
Chase Bank, Shane’s Rib Shack, Anytime Fitness, Dentistry for Children and Chin Chin Chinese Restaurant in
addition to the Publix supermarket.
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| Whitney Knoll |
Knoll and partner Fred
Victor negotiated the $20,400,000 sale price on behalf of the seller.
The Prudential Variable Contract Real Property Partnership,
a subsidiary of Prudential Real Estate Investors acquired the retail center.
“The returns for this transaction were driven by strong
institutional investor demand for quality core product in a market with limited
supply of such product,” said Victor.
Knoll said several institutional pension fund clients
stepped up to the rarefied pricing, willing to pay true core pricing to acquire
such a quality center.
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| Fred Victor |
The Knoll-Hillis team – led by Whitney Knoll and Mark Hillis – is a five-member team
that is focused exclusively on capital market transactions on behalf of owners
with assets in the Southeast. Jason
Archer coordinates the underwriting and marketing of assets through the disposition
process, and is responsible for developing disposition strategies, asset
positioning and creating new business leads.
The team has executed transactions valued at more than $10
billion across all property types including office, retail, industrial,
multi-family, and hotels.
Transactions range from $1 million to over $100 million and
represent core, value add and opportunistic properties including distressed and
REO assets.
For more information
about this press release, contact:
C. Whitney Knoll, Principal/Managing Director of Southeast
Capital Markets Group, Newmark Grubb Knight Frank, 201 17th Street, Suite 900,
Atlanta, GA 30363; wknoll@ngkf.com;
404-926-1139
Larry Vershel or Beth Payan, Larry Vershel Communications
407-644-4142 lvershelco@aol.com.
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