DALLAS (October 25, 2013) – SRS Real Estate Partners (SRS) announced that the southeast investment sales team in Atlanta, which is led by Kyle Stonis, senior vice president, and Pierce Mayson, vice president, has successfully executed five retail sales transactions since August of this year. The sales transactions total more than $60,000,000 in sales revenue and over 575,000 square feet of retail real estate. The sales were completed throughout the southeast in Alabama, Georgia, Mississippi and North Carolina and include major tenants such as Publix, Fresh Market, Michael’s, JC Penney, Tractor Supply, PetSmart, Ross Dress for Less, Food Depot and more.
“It’s been great to come off of the usually slower summer months with some real momentum – a telltale sign of recovery in the retail market,” commented Stonis and Mayson. “The SRS investment sales platform in the southeast has been successfully ramped up and we are excited about parlaying our summer success into a strong fourth quarter.”
The details of the transaction are as follows:
Stonis and Mayson of the SRS Investment Sales team along with Ray Uttenhove and Scott Tiernan, also with SRS, represented an entity affiliated with Cypress Equities in the acquisition of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000 square feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway in the city of Bessemer, which is within the Birmingham–Hoover metropolitan area in north central Alabama, roughly 23 miles southwest of Birmingham, Ala. The shopping center is anchored by Publix, Michaels, JCPenney, PetSmart, Ross Dress for Less, and shadow-anchored by Target and Premiere Cinemas.
Suwanee Jubilee Shopping Center, in Suwanee, Ga., was purchased by Urbana Suwanee Jubilee, LLC, who was represented by SRS. Suwanee Jubilee was constructed in 2006 and is located at 1500 Peachtree Industrial; which is just south of the intersection of McGinnis Ferry Road and Peachtree Industrial Boulevard in Suwanee, Ga. The 73,521-square-foot neighborhood shopping center is anchored by The Fresh Market. Stonis and Mayson represented the buyer, Urbana Suwanee Jubilee, LLC, in the transaction. The seller and selling price of the property was undisclosed.
Miller Group Investment Corporation sold 14 Monticello Road in Weaverville, N.C., which is currently occupied by a 23,627-square-foot Tractor Supply Company, to Cole Credit Property Trust IV, Inc. (CCPT IV). The property, which was sold for $5,132,350, is situated in the southeast quadrant of the intersection of Monticello Road and North Main Street and is roughly 10 miles north of Asheville, N.C. Stonis and Mayson represented the seller, Miller Group Investment Corporation, in the transaction. Dan Lovitz, director of acquisitions for Cole Real Estate Investments, Inc., represented the buyer.
Fort Valley Shopping Center, a 71,887-square-foot neighborhood center in Fort Valley, Ga., was sold by Fort Valley Partners, LLC to PDQ Fort Valley. The property is located at 2275 Highway 341 in Peach County, roughly 30 miles southwest of Macon in the city of Fort Valley, Ga. The shopping center is anchored by Food Depot and Roses, both of which have long-term leases in place. Stonis and Mayson represented the seller, Fort Valley Partners, LLC, in the transaction.
Stonis and Mayson sold a 62,322-square-foot property in Jackson, Miss., which is currently occupied by Virginia College. The property is located at 5841 Ridgewood Road, situated along Interstate Highway 55 just north of the intersection of Adkins Boulevard and Ridgewood Road. The property underwent a complete renovation in 2012 and 2013 and was sold for $6,085,000. Stonis and Mayson in the SRS Atlanta office, along with Josh Burmeister and Buff Teague in the SRS Mobile, Ala. office represented the seller in the transaction. The buyer did not have broker representation in this transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.