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Follow on Google News | Hanley Investment Group Negotiates Sale of 75,000 SF Anchored Shopping Center for $8.7 MillionInvestors continue to buy out of state in strong secondary/tertiary markets in order to achieve better pricing and yields.
By: Hanley Investment Group Real Estate Advisors The Shops at Barnes Crossing is situated on 8.18 acres at the signalized intersection of North Gloster Street and Symphony Lane at 3944-3952 North Gloster Street in Tupelo, Mississippi. Built in 2004, the retail center includes a strong mix of local, regional and national tenants and is located across the street from Walmart Supercenter to the west and the Mall at Barnes Crossing to the east. The property was 97% occupied at the time of the sale. The buyer, which was represented by Joseph Montgomery from Colliers Investment Sales in Atlanta, Georgia, was a private investor based out of Athens, Georgia. The seller, represented by Wohl, was RCG Ventures LLC of Atlanta, Georgia, a privately-funded real estate investment group that acquires and develops commercial real estate throughout the U.S. "This transaction had it all: a 1031 exchange buyer who we helped navigate through a CMBS loan assumption; getting the buyer comfortable with the non-credit local tenants on shorter term leases, one of which that hadn't yet opened for business; and working around deferred maintenance issues," said Wohl. "This property is a great example of an institutional- Wohl adds, "With cap rates on NNN investments at historically low levels, many NNN investors are now looking at multi-tenant retail investments in markets where they can get a significantly better yield." Late last year, Wohl represented a Texas-based investment group in the acquisition of Cross Creek Shopping Center in Tupelo, Mississippi. The 65,269-square- About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com. End
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