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Boulevard Bargain

Boulevard Bargain
This wasn't on sale at JCPenney. But with this discount, it might as well have been.
 
Peng Xu Kyle Stonis Bull Realty Boulevard Breckinridge 3065 Old Norcross Road Ameris Bank foreclosure
The lucky buyer got a beautiful—and empty—23,400 SF shopping center in Duluth at half off. Bull Realty's  Kyle Stonis and Theresa Johnson brokered the sale of Boulevard at Breckinridge at 3064 Old Norcross Rd. in Duluth. The two-story shopping center  was developed in 2006 after securing a loan for $3.5M, according to Databank. Ameris Bank foreclosed on the property earlier this year and local real estate investor Peng Xu  purchased it for  $1.6M  in an all-cash closing. Global Brokers Qunning Rong repped the buyer. Kyle tells us that the center did have a couple of tenants—a restaurant and nail salon—but the former closed and the salon moved out. Still, at this purchase price, the new owner will be able to compete with  current market rates to refill the spaces, he says.
Related Topics: Bull Realty, Kyle Stonis, Ameris Bank