Equity One Sells 172 KSF Shopping Center in Augusta, Ga.
- Mar 31, 2014
Anna Spiewak, News Editor
Leading shopping center developer, owner-focused on urban communities Equity One has sold Daniel Village, a 172,438-square-foot grocery-anchored shopping center in Augusta, Ga. to B&C Southeast L.L.C., a local company.
Cassidy Turley represented Equity One in the transaction led by senior vice presidents Drew Fleming and Mark Joines of Southeaast Retail Group. Equity One received 10 offers on the asset but in the end decided to go with a local company.
“Since (B&C) were a local buyer, they had a better understanding of the market and the area,” Fleming told Commercial Property Executive.
Daniel Village is a Bi-Lo anchored shopping center located at the NW corner of Wrightsboro Rd. and Iris Drive in Augusta, a middle-income population. The center’s other tenants include Rite Aid, Wells Fargo, Rent-A-Center, the UPS Store and several restaurants. Augusta is the second-largest city in the state of Georgia, after Atlanta.
The shopping center is located two miles from downtown Augusta. But the surrounding area that supports the center is primarily residential. The city currently has an average retail vacancy rate of 7 percent, which is better than the national rate, making it a strong retail market, according to Fleming
“Daniel Village presented a rare opportunity to acquire value-added grocery-anchored shopping center in the heart of Augusta. Right now those opportunities are hard to come by,” Fleming concluded in a press release.
Since, 2009, Equity One has bought or developed nearly $2 billion in retail assets, concentrated in New York, San Francisco, Los Angeles and South Florida. In the past couple of years, the company has developed a 133-square-foot retail center in the Bronx, and has also bought a 227-square-foot retail center in San Francisco for $111 million.