Augusta grocery-anchored neighborhood center sells for $18.6M
JLL Capital Markets completed the sale of and secured the acquisition loan for Crane Creek
ATLANTA, Oct. 6, 2021 – JLL Capital Markets announced today that it has closed the $18.6 million sale of and arranged the acquisition financing for Crane Creek, a 58,249-square-foot neighborhood retail center anchored by Sprouts Farmers Market in Augusta, Georgia.
JLL represented the seller, a partnership between Mirabeland Investments and Concordia Properties. Medipower Overseas acquired the asset. Working on behalf of the new owner, JLL procured the acquisition loan from Ameris Bank.
Constructed in 2018, Crane Creek is anchored by Sprouts Farmers Market, one of the only specialty grocers in the submarket. The 96-percent-leased retail center is home to an internet-proof mix of national and regional retailers, including First Watch, Hollywood Feed, Geico, Charles Schwab, Moon Nails & Spa, Mirin Asian Fusion, PT Solutions, Five Guys and Pita Mediterranean.
Crane Creek is located at 630 Crane Creek Dr. within the dominant retail corridor in Augusta, an eastern Georgia city near the South Carolina border. The center benefits from super regional access due to its direct access off Interstate 20 (81,000 VPD) and proximity to Interstate 520 (93,600 VPD). Crane Creek pulls from a trade area that includes approximately 72,100 residents earning an average annual household income of $75,918 within a three-mile radius.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols.
“Crane Creek was highly sought after by both national and international investors due to the strength of the grocer, super-regional location and premium mix of shop retailers,” Hamilton said. “Grocery-anchored investments have been at the top of every investors list in 2021 due to the durability of the cash flow and consistent performance throughout the pandemic. We have seen a record amount of capital pour into the southeast in 2021 in pursuit of these types of investments.”
“The available debt terms were extremely attractive for this well located, best-in-class grocery anchored shopping center with strong credit and long WALT,” Gaughan said. “We were pleased to represent Medipower in their entrance to Georgia and look forward to helping them as they continue to expand their portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Mirabeland Investments is a full-service commercial real estate company, specializing in the development, leasing and management of retail properties.
About Concordia Properties
Concordia Properties owns and manages a diverse real estate portfolio, with a focus on residential living.
Medipower is a full-service commercial real estate firm specializing in retail real estate. The company is publicly traded on the Tel Aviv Stock Exchange under the symbol MDPR.