TUCKER, Ga. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of Cofer Crossing, a fully leased 136,139-square-foot shopping center anchored by Kroger and HomeGoods in the Atlanta-area community of Tucker, Georgia. Cofer Crossing is also shadowed by Walmart. The sale price was $20 million.
Hanley Investment Group’s President Ed Hanley and Executive Vice President Kevin Fryman, along with ParaSell, Inc., represented the 1031 exchange buyer, a private investor based in Ontario, California. The seller, a partnership between SITE Centers Corp. and Madison International Realty, was represented by the JLL Retail Capital Markets team led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Taylor Callaway.
Cofer Crossing is anchored by Kroger, Georgia’s most dominant grocer and the fifth largest retailer in the world. Built in 1999, Cofer Crossing is also home to notable tenants HomeGoods, Dollar Tree and a line-up of national and regional tenants that have performed exceptionally over the past 12 months. Kroger recently acquired a former Shell gas station located at the entrance of Cofer Crossing, which has since been renovated into a new Kroger Fuel Center, reflecting Kroger’s commitment to the property, according to Fryman.
“The buyer was attracted to Kroger’s below-market rent and the fact that Cofer Crossing is the #1 most visited shopping center within five miles and 100% of the tenants paid their rent during 2020,” said Fryman.
Cofer Crossing is situated on a 16.51-acre parcel at 4367 Lawrenceville Hwy. proximate to two of Atlanta’s primary travel corridors, providing easy access and a steady flow of customers to the center. Tucker is less than 15 miles northeast of downtown Atlanta, and nearly 85,000 residents live within a three-mile radius of the property.
“We are seeing downward pressure on cap rates for high-quality multi-tenant retail assets due to low inventory and little to no new multi-tenant retail product coming on the market as demand increases,” noted Fryman. “Cap rates for high-quality retail assets in many markets around the country, particularly in suburban markets in states that have had a less restrictive response to the pandemic, have compressed to below pre-COVID levels for anchored and shadow-anchored multi-tenant retail properties and we expect this trend to continue.”
