Hanley Investment Group Represents Buyer and Seller in Sale of $12 Million Kroger Anchored Shopping Center in Lawrenceville, Georgia
Kevin T. Fryman of Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of an 81,666 sq. ft. grocery-anchored shopping center in Lawrenceville, Georgia. The shopping center, known as Cruse Crossing, is located at 950 Herrington Drive in Lawrenceville (Gwinnett County), Georgia. The purchase price was $12,015,000, representing a 6.74% cap rate.
View as PDF
 Print View
January 17, 2008 (FPRC) -- IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today Kevin T. Fryman of Hanley Investment Group represented the buyer and seller in the sale of a grocery anchored shopping center in Lawrenceville, Georgia. The purchase price was $12,015,000, representing a 6.74 percent cap rate.
The 81,666-square-foot grocery anchored shopping center, known as Cruse Crossing, is located at 950 Herrington Drive in Lawrenceville (Gwinnett County), Georgia. Located approximately 30 miles northeast of Atlanta, Cruse Crossing is situated at the signalized intersection of Cruse Road and Herrington Road, conveniently accessible from Interstate 85 and Georgia State Route 316. The property is situated on 11.86 acres and is anchored by Kroger, Kroger Fuel Station, Bank of America, UPS Store, Pizza Hut, Washington Mutual, Metro PCS, and American Lube Fast. The five-building property was built in 1995, and was 100 percent occupied at the time of sale.
“We generated 10 offers on the property in the first two weeks of marketing,” said Kevin Fryman, senior associate at Hanley Investment Group. “The buyer assumed an existing conduit loan that required a $2,895,000 (24 percent) down payment, which was an extremely attractive loan-to-value along with an interest rate of 5.69 percent. The favorable assumable financing triggered an abundant amount of interest combined with the strength of Kroger as the anchor tenant who represented 60 percent of the income stream and 78 percent of the total offering square footage. The buyer acquired a rare grocery anchored investment that produced an initial 10 percent cash-on-cash return.”
The buyer was CA Plaza, LLC based in Los Angeles, Calif. The seller was Black Sox, LLC from Sherman Oaks, Calif.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a two billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
# # #
For more information about the transaction, contact:
Kevin T. Fryman
Hanley Investment Group
Real Estate Advisors
2030 Main Street, Suite 1650
Irvine, CA 92614
949.585.7674
kfryman@hanleyinvestment.com
http://www.hanleyinvestment.com
Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Hanley Investment Group, Kevin Fryman, retail real estate
Recent Press Releases By The Same User Investec Debuts First Ground-up Smart & Final Extra! Store At New $17.5 Million Shopping Center in Palm Springs (Tue 2nd Dec 08)
Christmas Concert in Newport Beach to Feature Grammy Award-winner Janine Wynn and UCIs Men in Blaque (Tue 2nd Dec 08) Coreland Companies Negotiates Leases with Arbys & dds Discounts Valued at More than $4 Million (Tue 2nd Dec 08) Construction Begins on New Mixed-Use Luxury Urban Community in Monrovia Designed by KTGY (Tue 2nd Dec 08) Hanley Investment Group Hires John Halvorson as Sr. VP to Lead Strategic Expansion into Arizona (Tue 2nd Dec 08) Investec Breaks Ground on Gene Autry Plaza, a New $17.5 Million Shopping Center in Palm Springs Anchored by Smart & Final and Staples (Tue 18th Nov 08) |
