ATLANTA, Oct. 6, 2021 - JLL Capital Markets announced today that it hasclosed the $18.6 million sale of and arranged the acquisition financing for Crane Creek, a 58,249-square-foot neighborhood retail center anchored by Sprouts Farmers Market in Augusta, Georgia.
JLL represented the seller, a partnership between Mirabeland Investments and Concordia Properties. Medipower Overseas acquired the asset. Working on behalf of the new owner, JLL procured the acquisition loan from Ameris Bank.
Constructed in 2018, Crane Creek is anchored by Sprouts Farmers Market, one of the only specialty grocers in the submarket. The 96-percent-leased retail center is home to an internet-proof mix of national and regional retailers, including First Watch, Hollywood Feed, Geico, Charles Schwab, Moon Nails & Spa, Mirin Asian Fusion, PT Solutions, Five Guys and Pita Mediterranean.
Crane Creek is located at 630 Crane Creek Dr. within the dominant retail corridor in Augusta, an eastern Georgia city near the South Carolina border. The center benefits from super regional access due to its direct access off Interstate 20 (81,000 VPD) and proximity to Interstate 520 (93,600 VPD). Crane Creek pulls from a trade area that includes approximately 72,100 residents earning an average annual household income of $75,918 within a three-mile radius.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols.
"Crane Creek was highly sought after by both national and international investors due to the strength of the grocer, super-regional location and premium mix of shop retailers," Hamilton said. "Grocery-anchored investments have been at the top of every investors list in 2021 due to the durability of the cash flow and consistent performance throughout the pandemic. We have seen a record amount of capital pour into the southeast in 2021 in pursuit of these types of investments."
The JLL Capital Markets Debt Advisory team that represented the new owner included Director Greg Gaughan and Analyst Hunter Goldberg.
"The available debt terms were extremely attractive for this well located, best-in-class grocery anchored shopping center with strong credit and long WALT," Gaughan said. "We were pleased to represent Medipower in their entrance to Georgia and look forward to helping them as they continue to expand their portfolio."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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