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Walmart Shadow-Anchored Retail Center Sold in High-Traffic Area
Augusta, GA– Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of Village Plaza, a shadow-anchored shopping center located at 270 Bobby Jones Expressway, Augusta, GA. The 208,269 square feet property features several national tenants such as Gold’s Gyms, GNC, Bealls Outlet, and Tractor Supply. The transaction closed at $20,500,000. Matthews™ Market Leader and Vice President Johnny Blue Craig represented the seller.
The seller was the original developer of the adjacent Walmart and Sam’s Club parcels and had been involved with this project since the early 2000s. After completing multiple expansions and renovations, the seller had accomplished their objective with the asset and desired to move their capital into other projects.
“One of the challenges with the asset was the short-term rollover of the anchor tenants, which resulted in financing hurdles, “Craig said. “It required an investor that would be willing to look past the short-term roll over and focus on the strong real estate fundamentals.”
The buyer was attracted to the asset due to the prominent location off Bobby Jones Expressway and its proximity to top-performing Walmart and Sam’s Club locations. The buyer acquired an attractive investment for their portfolio in a great location, with tenants paying below-market rents at a price below replacement costs.
“We are very pleased with this transaction. After a lengthy ownership period that involved extensive expansions and renovations, the seller accomplished their objective on the project and can redeploy the capital into new projects,” Craig said. “In addition, the buyer added a desirable asset, with strong real estate fundamentals, to their portfolio. Both the seller and buyer achieved a win on this transaction, and it was a pleasure being able to facilitate that process.”
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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