CONCROD, MA–The Aubuchon Realty Firm, Inc., (ARC, Inc.), a diversified industrial actual property agency that has operated for greater than 90 years, expanded into the Atlanta market with two retail acquisitions totaling $15 million.
The Harmony, Massachusetts-based agency bought a retail strip middle – City Middle Esplanade – in Kennesaw, Georgia, and a freestanding CVS constructing in Cumming, Georgia.
ARC paid $9.5 million for City Middle Esplanade, a totally occupied, 39,108-square-foot buying middle on 6.74 acres at 2700 City Middle Dr. Inbuilt 1988 and renovated in 2018, the middle features a dynamic mixture of service-oriented retailers and eating places, together with Revolving Sushi Manufacturing facility, J. Christopher’s Café, Three Greenback Café, The Juicy Crab and Ten Seconds Rice Noodle. Truist Financial institution makes use of 6,220 sq. ft on the middle as workplace area for its workers.
City Middle Esplanade advantages from many main Fortune 500 firms that decision Kennesaw dwelling, together with proximity to the state’s second-largest college – Kennesaw State. Moreover, City Middle Esplanade is situated between I-75 and I-575 making it a well-traveled vacation spot for locals and commuters alike.
ARC additionally has a value-add alternative to promote extra land on the City Middle Esplanade web site. The extra land is well-suited for the development of a lodge.
The agency paid $5.6 million for the CVS constructing, with engaging assumable debt. CVS has greater than a decade remaining on its triple-net (NNN) lease on the 3095 Outdated Atlanta Street property. The shop is situated straight throughout from a Publix Tremendous Market inside the fast-growing Cumming/Suwanee market, with a longtime residential crucial mass that continues to broaden.
“We’re thrilled to plant our flag within the Atlanta metro and desirous to execute on extra alternatives there,” ARC President Eamon Moran mentioned. “These two properties are robust examples of the well-located retail acquisitions that meet our mix of our retail methods, Kennesaw being stabilized with a value-add part, and CVS Cumming becoming properly into our core/NNN holdings. Our agency has the capital and suppleness to maneuver shortly on comparable transactions as we construct out our presence within the better Atlanta MSA.”
A vertically built-in agency with in-house acquisition and improvement capabilities, ARC is at the moment focusing on industrial actual property investments within the middle-market area between $5 million and $20 million. ARC’s current portfolio exceeds 55 property totaling greater than 1 million sq. ft all through Massachusetts, New York, Connecticut, Rhode Island, New Hampshire, Vermont, Maine and now Georgia. ARC’s funding technique makes use of its native experience and institutional information to generate engaging returns for its shareholders, whereas positively impacting the communities the place it invests.
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