Retail Center Trades for $13M in Buford, GA
- Jan 23, 2018
Bond Street Advisors Group has purchased a 36,358-square-foot retail center in Buford, Ga. for $13.5 million from Mill Creek/Cooper LLC. A team of Franklin Street brokers represented both parties in the transaction.
Mill Creek Walk comprises two buildings located at 3260 and 3264 Buford Drive. The property sits across the street from the Mall of Georgia and is approximately 35 miles from downtown Atlanta, along a thoroughfare which has an estimated daily vehicle count of 31,000, according to the Georgia Department of Transportation. Access to the metro area is facilitated by nearby interstates 985 and 85.
Mill Creek Walk is 96 percent occupied by anchor tenant Petco—which has a lease for 13,600 square feet—, as well as Metro Mattress, Sushi Niko Niko and New Balance among others. Currently there is a 1,558-square-foot in-line space available for lease.
The new ownership plans to upgrade parts of the retail center, and hold it for long term. Senior Directors John Tennant and Bryan Belk, of Franklin Street’s retail investment sales team, negotiated the transaction.
“Our retail investment sales team identified this mall-peripheral opportunity at one of the most dominant regional malls in the southeast. We were able to immediately plug in the right buyer for this asset and close quickly. We’re counting to see strong investor demand in convenience retail centers made up primarily of fast casual restaurants and service-based tenants,” said Tennant in a prepared statement.
Image courtesy of Franklin Street