Printer-friendly version ATLANTA, GA - July 1, 2014 – HFF announced today that it has closed the sale of Lovejoy Village, an 84,711-square-foot, grocery-anchored retail center in Jonesboro, Georgia.
HFF marketed the property on behalf of the seller, Principal Real Estate Investors. Phillips Edison-ARC Shopping Center REIT purchased the asset for $9.35 million free and clear of debt.
Lovejoy Village is located at 10375 U.S. Highway 41 about 20 miles south of downtown Atlanta in Jonesboro. Completed in 2001, the property is 88 percent leased to tenants including Kroger.
The HFF investment sales team representing the seller was led by managing directors Richard Reid and Jim Hamilton.
Principal Real Estate Investors manages or sub advises $50.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The company is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired more than $3.25 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of June 24, 2014, the company owned and managed an institutional quality retail portfolio consisting of 120 grocery-anchored shopping centers totaling approximately 12.6 million square feet. For more information on the company, please visit the company’s website at www.phillipsedison-arc.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.