has picked up a Lilburn Kroger shopping center for a cool $10M.
Kimco purchased Five Forks Crossing, a 74k SF Kroger-anchored center
in Lilburn from SWA Investment. (While there, they also picked up some milk and paper towels.) The facility is fully leased. Transwestern's Fred Victor
and Kimco's Ross Cooper
brokered the deal.
Fred tells us the deal "represents strong institutional investor appetite
for performing, well-located retail centers." And institutional investors are very focused on grocery-anchored retail
centers for investments—even in the suburbs. "If you've got the right tenant mix
in place, and it's in a good retail node, both private
investors will pay down the cap rate
for quality product." In some cases, cap rates are hitting sub 6%. "I don't think that cap rates have moved that much in the past couple of years for real quality product."