Jones Lang LaSalle Incorporated: The Augusta neighborhood center, anchored in the grocery store, sells for $ 18.6 million
ATLANTA, October 6, 2021 – JLL Capital Markets today announced that it has completed the $ 18.6 million sale and arranged financing for the acquisition of Crane Creek, a 58,249 square foot neighborhood shopping center anchored by Sprouts Farmers Market in Augusta, Georgia.
JLL represented the seller, a partnership between Mirabeland Investments and Concordia Properties. Medipower Overseas acquired the asset. Working on behalf of the new owner, JLL secured the acquisition loan from Ameris Bank.
Built in 2018, Crane Creek is anchored by Sprouts Farmers Market, one of the only specialty grocers in the submarket. The 96 percent leased mall is home to a mix of internet-proof national and regional retailers including First Watch, Hollywood Feed, Geico, Charles Schwab, Moon Nails & Spa, Mirin Asian Fusion, PT Solutions, Five Guys and Pita. Mediterranean.
Crane Creek is located at 630 Crane Creek Dr. in the Dominant Trade Corridor in Augusta, a town in eastern Georgia near the South Carolina border. The center enjoys super regional access due to its direct access to Interstate 20 (81,000 VPD) and proximity to Interstate 520 (93,600 VPD). Crane Creek originates from a commercial area that includes approximately 72,100 residents earning an average annual family income of $ 75,918 within a three mile radius.
The JLL Capital Markets investment sales advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Senior Managing Director Brad Buchanan and Partner Andrew Michols.
“Crane Creek was in high demand with domestic and international investors due to the strength of the grocer, the super-regional location and the high-end mix of retailers,” said Hamilton. “Anchored grocery investments topped all investor lists in 2021 due to the sustainability of cash flow and consistent performance throughout the pandemic. We have seen a record amount of capital pour in. in the southeast in 2021 to pursue these types of investments. “
The JLL Capital Markets debt advisory team that represented the new owner included Director Greg Gaughan and analyst Hunter Goldberg.
“The available debt terms were extremely attractive for this conveniently located, best-in-class, grocery store anchored mall with strong credit and a long WALT,” said Gaughan. “We were delighted to represent Medipower as they entered Georgia and look forward to assisting them as they continue to expand their portfolio.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
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