LAGRANGE, GA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16 million sale of a newly built shopping center located in LaGrange, a Georgia city near the Georgia-Alabama border along I-85. The center’s anchor, Publix, has a 10-year lease on the store. Taylor represented the seller, a developer based in Atlanta, as well as sourced the 1031 exchange buyer in the transaction. Both parties requested anonymity.
“This sale faced the market headwinds of increasing interest rates and low transactional velocity,” says Taylor. “Thankfully, we found a 1031 buyer attracted to the quality of the tenant mix and the growth of the submarket. We were able to clear the market at a very attractive cap rate.”