Franklin Street has arranged the $13.87 million sale of Mountain Crossing, a 93,396-square-foot, Kroger-anchored shopping center located at 2700 Braselton Highway in Dacula, Georgia, approximately 25 miles northeast of downtown Atlanta. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented both the seller, Atlanta-based Mountain Crossing Associates, LLC, and the buyer, Phillips Edison Grocery Center REIT II, Inc.
The retail center is 97% occupied with a strong mix of tenants including Great Clips, UPS, Wells Fargo, a nail salon, cleaners, and restaurants. Georgia traffic officials announced plans to build a new highway interchange near Mountain Crossings at the intersection of Interstate 85 at Gravel Springs Road.
“RETAIL REITS CONTINUE TO ACQUIRE WELL-POSITIONED, GROCERY-ANCHORED CENTERS IN CORE MARKETS WITH GOOD FUNDAMENTALS,” SAID TENNANT, SENIOR DIRECTOR OF INVESTMENT SALES AT FRANKLIN STREET. “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.”
“Investors have shown particular interested in Atlanta suburbs chasing yield that is not found in the urban core of Atlanta,” said Belk, senior director of investment sales at Franklin Street. “Atlanta and its suburbs remain a popular moving destination due to its booming economy and low cost of living. Those factors, coupled with Mountain Crossing’s strong historical occupancy and strategic location, created a very attractive buying opportunity.”
