HFF closes $13.7 million sale of Village Shoppes of Flowery Branch in northern Atlanta

ATLANTA, GA –HFF announced today that it has closed the sale of Village Shoppes of Flowery Branch (top left photo), a 92,985-square-foot, grocery-anchored shopping center in northern Atlanta. 

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management - Global Real Assets.  Kimco Realty Corporation purchased the center for $13.7 million and assumed an existing mortgage loan. 

Village Shoppes of Flowery Branch is located at 5900 Spout Springs Road close to the Interstate 985/Spout Springs Road interchange in northern Atlanta.    Completed in 2002, the 92 percent leased property is anchored by Publix. 

The HFF team representing the seller was led by directors Richard Reid and Jim Hamilton.

“The property attracted a lot of investor interest due to its Atlanta location, strong grocery anchor, and regional draw on Interstate 985,” said Reid.

Contacts:

Richard M. Reid, HFF Director, (404) 942-2209, rreid@hfflp.com

Jim R. Hamilton, HFF Director, (404) 942-2212,

jhamilton@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

HFF closes $24.7 million sale of North Raleigh shopping center

ATLANTA, GA –HFF announced today that it has closed the sale of Wakefield Commons (top left photo), a 160,949-square-foot, grocery-anchored shopping center in North Raleigh, North Carolina.  

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.  The property was purchased for $24.7 million and the buyer assumed an existing CMBS loan on the property. 

This is HFF’s third grocery-anchored sales transaction with JP Morgan in 2011 totaling $61.7 million in sales.  The other two properties sold are: Westpark Shopping Center in Richmond, Virginia and The Village Shoppes of Flowery Branch in Atlanta, Georgia.

Wakefield Commons is located at 14460 New Falls of Neuse Road at the Capital Boulevard (U.S. 1) and New Falls of Neuse Road interchange in North Raleigh. 

Originally built in 2000 and renovated in 2005, the property is 86 percent leased to tenants including Kroger, Marquee Cinemas, and Starbucks.

The HFF team representing the seller was led by directors Richard Reid (middle right photo)  and Jim Hamilton (bottom left photo).

Contacts:

Richard M. Reid, HFF Director, (404) 942-2209, rreid@hfflp.com

Jim R. Hamilton, HFF Director, (404) 942-2212,

jhamilton@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com