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Franklin Streets Arranges Sale of Cross Creek Village II for $1.2M

Franklin Street has arranged the $1.2 million sale of Cross Creek Village II, located in Lawrenceville, Georgia. This sales price represents $57.69 per square foot for the 20,800-square-foot shopping center. John Tennant of Franklin Street’s Atlanta office represented the seller, CRE 2011 REO GA-RETAIL, LLC, in the REO transaction. The buyer, Cross Creek Village Park II, LLC, was represented by John Kim.

“The purchaser will be able to quickly increase cash-on-cash returns through continued leasing of vacant units,” Tennant said. “There is an opportunity to pursue both retail and medical tenants based on the proximity of the property to the Gwinnett Medical Center. The center has excellent visibility and benefits greatly from the retail critical mass and traffic counts within the submarket.”

Cross Creek Village II is located at 798 Lawrenceville Suwanee Road. The property is positioned in the main retail corridor of Lawrenceville, surrounded by medical campuses, hospitals, and office parks, as well as national retailers including Publix, Kroger, The Home Depot, Target, Walgreens, Chipotle, CVS/pharmacy, and Starbucks.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.

– See more at: http://atlanta.citybizlist.com/article/286649/franklin-streets-arranges-sale-of-cross-creek-village-ii-for-12m#sthash.wUsVKIAl.dpuf

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Franklin Street Arranges Sale of Two Retail Centers in Georgia

Athens and Lawrenceville, Ga. — Franklin Street has arranged the sale of two retail properties located in Georgia, Cross Creek Village II and Athens Plaza.

Cross Creek Village II, a 20,800-square-foot shopping center located in Lawrenceville, sold for $1.2 million to Cross Creek Village II LLC, represented by John Kim.  Athens Plaza, a 119,633-square-foot Piggly Wiggly-anchored shopping center, is located minutes away from the University of Georgia in Athens, and was sold for an undisclosed amount to Cideco Development Co. Mac McCall, John Tennant and Bryan Belk of Franklin Street worked on behalf of the seller, MB REO-GA RETAIL LLC, in the Athens Plaza transaction, and John Tennant represented the seller, CRE 2011 REO GA-RETAIL LLC, in the Cross Creek Village II transaction. 

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