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| Lanier Crossing, Cumming, GA |
CUMMING, GA – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Lanier Crossing, an 111,000-square foot Hobby
Lobby-anchored shopping center in Cumming, Ga., part of the Atlanta
metropolitan area.
The sales price of $10,575,000 equates to $96 per square
foot.
The property is located on 13.6 acres at the intersection of
Highway 9 and Highway 20 at 655 Atlanta Road in Cumming.
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| Howard Bregman |
Howard
Bregman, an associate, and Brandon Rex, a vice president
investments, both in Marcus & Millichap’s Fort Lauderdale office,
represented the seller, Infinity Property Fund. Rex and Bregman also
represented the Northeast-based buyer.
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| Brandon Rex |
John Leonard, first vice president
and regional manager of the firm’s Atlanta office, is Marcus & Millichap’s
broker of record in Georgia.
“Lanier
Crossing received a significant amount of interest from a variety of
investors,” says Rex. “The property is located on a high-profile corner in an
area with excellent demographics.”
“The
center has had an average occupancy of more than 90 percent over the past 10
years,” adds Bregman. “It is a stable investment property with diverse mix of
national and local tenants that well serves its community’s needs.”
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| John Leonard |
“Hobby Lobby occupies 49 percent of the gross leasable area
and is in the midst of its first five-year option with one five-year option
remaining,” Bregman continues.
“The buyer needed
assurances that Hobby Lobby would probably remain in the center and in the
unlikely event it decided to leave, what were the options and what other
interested big box tenants there might be.
“We also forecast future refinancing models for the buyer as
there was a CMBS loan assumption tied to expiration of the Hobby Lobby’s lease
option,” Bregman concludes.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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