CORONA DEL MAR, CALIF. – Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, is pleased to announce that Executive Vice President Eric Wohl represented the seller in the sale of the Shops at Barnes Crossing, a 75,000-square-foot neighborhood shopping center anchored by Bed Bath & Beyond, Dollar Tree, and David’ s Bridal in Tupelo, Mississippi. The purchase price was $8,725,000, representing one of the lowest cap rates in the state of Mississippi for this type of retail property. The cap rate was 8.20%.
The Shops at Barnes Crossing is situated on 8.18 acres at the signalized intersection of North Gloster Street and Symphony Lane at 3944-3952 North Gloster Street in Tupelo, Mississippi. Built in 2004, the retail center includes a strong mix of local, regional and national tenants and is located across the street from Walmart Supercenter to the west and the Mall at Barnes Crossing to the east. The property was 97% occupied at the time of the sale.
The buyer, which was represented by Joseph Montgomery from Colliers Investment Sales in Atlanta, Georgia, was a private investor based out of Athens, Georgia. The seller, represented by Wohl, was RCG Ventures LLC of Atlanta, Georgia, a privately-funded real estate investment group that acquires and develops commercial real estate throughout the U.S.
“This transaction had it all: a 1031 exchange buyer who we helped navigate through a CMBS loan assumption; getting the buyer comfortable with the non-credit local tenants on shorter term leases, one of which that hadn’t yet opened for business; and working around deferred maintenance issues,” said Wohl.
“This property is a great example of an institutional-style investment in a strong secondary/tertiary market,” said Wohl. “The Shops at Barnes Crossing offers the buyer an outstanding retail location, right across the street from Walmart Supercenter and the largest mall within 140 miles (770,000 square feet), anchored by JCPenney, Belk, Dick’s Sporting Goods and Sears with over 12 million annual shoppers.”
Wohl adds, “With cap rates on NNN investments at historically low levels, many NNN investors are now looking at multi-tenant retail investments in markets where they can get a significantly better yield.”
Late last year, Wohl represented a Texas-based investment group in the acquisition of Cross Creek Shopping Center in Tupelo, Mississippi. The 65,269-square-foot property, purchased at an undisclosed amount from national REIT Phillips Edison & Company, is anchored by national tenants and is located off of U.S. Route 78, between Memphis and Birmingham. Tupelo is the county seat and the largest city of Lee County. It is also the seventh-largest city in the state.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Anne Monaghan / Monaghan Communications
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Phone: (949) 585-7673
City: Corona del Mar
Country: United States