ATLANTA (January 8, 2013) –Washington Square, a 63,361-square-foot neighborhood center in Gainesville, Ga. has sold for $4.5 million. The shopping center is anchored by Planet Fitness and Dollar Tree. Additional tenants in the shopping center include HomeSmart, CosmoProf, Sally Beauty, Sprint, and Acceptance Insurance. Washington Square is located at 130 John W Morrow Jr. Pkwy. at the southeast corner of the intersection of John W Morrow Jr Parkway and Pearl Nix Parkway adjacent to Lakeshore Mall.
“This is another example of a quality ‘B’ center in a growing secondary market, which received increased interest from the investment community,” said Kyle Stonis, senior vice president in the SRS Atlanta office. “With the cap rate compression on core properties, availability of debt, and investors seeking higher returns, we expect to continue to see these types of assets getting more attention from a wider range of investors going forward in 2013.”
Kyle Stonis and Pierce Mayson in the SRS Atlanta office represented the seller, Mimms Enterprises, Inc. in the transaction. Simon Istakhorov of Realty Professionals represented the buyer, Read-Washington, LLC.
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.
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