A 300,000 SF asset located in a secondary Georgia market, City Crossing was a solid regional power center with a significant opportunity for the potential buyer to come in and recognize immediate additional value through securing some retailer prospects that were reputedly looking in the market. SRS’ Southeast Investment Sales Team utilized our wide-scale marketing platform to reach every potential public, private, international and 1031 Buyer who may be a fit for the opportunity. In generating 14 offers, we created a highly competitive bidding forum which required three stages of narrowing the pool of offerors, eventually awarding the deal to a 1031 Buyer with time-sensitive money to place which was willing to put 10% of the money down ‘hard’ day one.
Deal Strengths
- Recent leasing momentum with HomeGoods having recently signed a 10-year lease
- Center comprised of 95% national retailers and bolstered by 80% national anchors
- Excellent upside potential in backfilling 26,177 SF while growing the NOI an additional 20%
Deal Challenges
- Located in a secondary market in Georgia – outside the Atlanta MSA
- Books-A-Million represented a potential concern as part of the anchor line-up due to uncertainty associated with this sector of retail
- 14% vacant at the time the Property was marketed