ATLANTA—Another grocery-anchored shopping center has traded hands. But this time it’s not a Publix—and it has a triple net lease twist.
Cairo Corners, a Harveys Supermarket-anchored retail center, just traded for $2.818 million in Cairo, GA. The sale price equals $59 per square foot and includes a triple net lease guarantee.
Rafeal Wright and Jonathan Graber represented the seller, Cairo Sun Properties LTD, a Florida limited liability company based in Boca Raton, FL. The buyer is a Delaware Corporation with an office in Boston.
“Demand for corporate-backed grocery-anchored shopping centers with the upside in leasing of vacant space is still in high demand,” Wright tells GlobeSt.com. “This property had about 10,000 square feet of vacant small shop space but the buyer owned a significant portfolio of grocery-anchored centers in secondary and tertiary markets across the Southeast and U.S.”
As mentioned, the retail asset also has a remaining triple net lease term of more than 13 years with Delhaize America.
Delhaize is now owned by BI-LO, one of the nation’s largest grocery retailing companies.
“The vacancy gives the new owner the ability to increase their cash flow through leasing and management,” Graber tells GlobeSt.com. “The primary advantage was that the lease was long term and the credit and quality behind the lease guarantee of BI-LO.”
Built in 2008, Cairo Corners is located at 1000 First Avenue Northeast in Cairo. The shopping center was originally built in 1997 for Winn Dixie.
The retail property sits on US Highway 84, a main thoroughfare in Cairo in southern Georgia about 15 miles west of Thomasville. Cairo is the county seat of Grady County and serves as an economic and retail hub for the surrounding area west of Thomasville. Harveys Supermarket operates 73 stores in Georgia, Florida, and South Carolina. Download PDF