Newmark has announced the sale of a 138,241-square-foot shopping center named Mays Crossing in Stockbridge, Georgia. Newmark represented the seller RCG Ventures in the transaction to Saglo Development.
Saglo Development is a privately held commercial real estate development firm based in Miami that specializes in the acquisition, renovation and active management of shopping centers. The Mays Crossing purchase represents Saglo’s first acquisition outside the state of Florida.
Mays Crossing is 97 percent leased and is conveniently located in close proximity to Interstate 75 and Interstate 675, only 15 minutes south of Downtown Atlanta, at 31 GA Highway 138. National and regional tenants include Big Lots, dd’s Discounts, Aaron’s, Hibbett Sports, Little Caesars and Dollar Tree. The site has tremendous visibility, with a combined traffic count of 64,255 vehicles per day. Strategically positioned across the street from a dominant Walmart Supercenter, Mays Crossing represents the epicenter of the micro-market’s one million plus square feet of retail.
Senior Managing Directors Mark Joines and Drew Fleming and Associate Partner Henry Kushner of Newmark’s Atlanta Retail Investment team brokered the deal. “The successful disposition of Mays Crossing proves investors continue to be attracted to well-located value retailers,” Joines said. “With its tenant mix and location combined with projected population growth, which is approaching seven percent in the next five years, Mays Crossing is poised to continue producing a strong and stable income stream for years to come.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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