Kimco Trades Atlanta-Area Retail Asset
- Jun 04, 2018
Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot retail property in Lilburn, Ga., from Kimco Realty for $10.5 million. Kimco purchased the asset in 2013 for $9.8 million, according to Gwinnett County records. A 62,000-square-foot Kroger supermarket anchors the shopping center.
Located on seven acres at 3050 Five Forks Trickum Road S.W., the property is half a mile from Ronald Reagan Parkway. Five Forks Crossing provides convenient access across Atlanta’s northeast suburb, with a count traffic of roughly 23,160 vehicles per day, according to Kimco. The shopping center is in the heart of the bustling Oak Road retail corridor, home to a wide variety of stores and restaurants. The UPS Store, a Chinese restaurant, a tanning salon and a dental practice are among the tenants of the fully leased building. The property includes 358 parking spaces.
“Through our SUP portfolio, we specifically target properties such as Five Forks Crossing that are well-positioned in strong submarkets within major MSAs and which are anchored by market-leading grocers,” said Ed Senenman, senior managing director of investments and portfolio management for Sterling Organization, in a prepared statement.
In May, Kimco sold another of its retail holdings, a 370,000-square-foot shopping center in Springfield, Mo.
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