A private investor recently acquired a decade old shopping center located in Tupelo, Mississippi for $8.7 million.
The shopping center is situated at Barnes Crossing on North Gloster Street, reports the Northeast Mississippi Daily Journal. The 75,000 square foot retail property is anchored by Bed Bath and Beyond, Dollar Tree, David's Bridal and Margarita's. The shops at Barnes Crossing is located on an 8.18 acre piece of land and features a strong mix of tenants. RCG Ventures of Atlanta, most recent owners of the Tupelo retail property, bought the shopping center in October 2011.
California-based real estate brokerage, Hanley Investment Group Real Estate Advisors, and its executive vice president Eric Wohl, represented RCG in the sale transaction. In a news statement released by the company, Wohl cited that the property is a "great example of an institutional-style investment in a strong secondary/tertiary market."
Wohl added, "The Shops at Barnes Crossing offers the buyer an outstanding retail location, right across the street from Walmart Supercenter and the largest mall within 140 miles (770,000 square feet), anchored by JCPenney, Belk, Dick's Sporting Goods and Sears, with over 12 million annual shoppers."
The Northeast Mississippi Daily Journal report mentioned that Wohl was referring to "The Mall" at Barnes Crossing which was acquired by New York-based Rouse Properties last fall. The site also added that the shopping center acquisition is not the first Tupelo investment deal that the Hanley Investment Group handled. The company also represented Texas-based Albanese Cormier Holdings in the acquisition of Cross Creek Shopping Center.
Meanwhile, the private investor who bought the retail property was represented by Joseph Montgomery from Atlanta-based Colliers Investment Sales, states the Real Estate Rama. The private investor is reportedly based out of Athens, Greece. The shopping center was built in 2004 and had a 97 percent occupancy rate at the time of the sale.