By Tudor Scolca
Philips Edison Grocery Center REIT II has purchased a 93,396-square-foot shopping center in Dacula, Ga. Mountain Crossing Associates sold the property for $13.8 million. Franklin Street’s John Tennant and Bryan Belk represented both parties in the transaction.
The Mountain Crossing retail center is located at 2700 Braselton Highway. The building is 97 percent occupied and anchored by Kroger. Other tenants include Great Clips, UPS, Wells Fargo and several restaurants. Georgia traffic officials announced a new highway interchange near the property, at the intersection of Interstate 85 and Gravel Springs Road.
The property is approximately eight miles from Lawrenceville and 25 miles from downtown Atlanta. It enjoys good exposure to traffic from nearby apartment communities. Gwinnett County has the largest public school district in Georgia, with nearly 180,000 students. Combined with the continued improvements to road infrastructure, the county is slated to continue attracting new developments.
“Retail REITs continue to acquire well-positioned, grocery-anchored centers in core markets with good fundamentals. The new interchange off I-85 will generate new traffic patterns that will benefit the asset, further improving Mountain Crossing’s position in the market,” said Tennant, senior director of Franklin Street, in a prepared statement.
Franklin Street was recently involved in the transaction of another retail asset in Orlando, Fla., a 96,750-square-foot asset which traded for $23.4 million.
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