$15.6 million deal for Georgia power center gets done during pandemic
Transwestern Real Estate Services this week closed a deal that transpired entirely during the COVID-19 pandemic.
Transwestern VP Fred Victory managed the $15.6 million sale of the 175,969-sq.-ft. North Logan Commons in Loganville, Ga., to New York-based Big V Property Group. The seller was CIM Group, also based in New York.
“The property went under contract in mid-March,” said Victor. “As such, the disposition presented unique hurdles, including difficulties conducting inspections and challenges with the current lending environment, which required extending the closing date multiple times.”
National big-box anchors fill two-thirds of North Logan Commons, among them T.J. Maxx, Dick’s Sporting Goods, OfficeMax, and PetSmart. Co-tenants include Five Guys, SportClips, Anytime Fitness, and Sally Beauty at the property, which is 83% leased.
The center is located on Loganville’s primary Highway 78 retail corridor in Gwinnett County, the second-most-populated county in the state, with nearly 1 million residents.