Thursday, March 7, 2013

$10.5 Million Retail Center Trades Hands in Metro Atlanta


  
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.

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. 

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.”

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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