Coro Realty announced today the sale of Cross Country Plaza, a 314,000-square-foot highly-visible retail center in Columbus, Georgia for $42.6 MM.
An affiliate of Hackney Real Estate Partners was the buyer. Transwestern’s Southeast Investment Services Group represented the seller in the transaction.
Coro Realty, the Atlanta-based, diversified real estate company, purchased Cross Country Plaza in 2013. Located on Macon Road off I-185, it is anchored by Publix, and home to TJ Maxx, Burlington, 2nd & Charles among other lead retailers. The center was nearly 90% occupied at time of sale. Coro Realty retained some outparcels, including properties it and Storage XXStra converted from retail to self-storage.
“Coro Realty acquired Cross Country Plaza eight years ago, and implemented our strategy of making capital improvements to attract sought-after national brands,” said Adam Holland, Vice President, Coro Realty. “It is well-located and stabilized, with upside for the new ownership group.”
Cross Country Plaza is the 6th most visited shopping center in a 50-mile radius and is in the 95th percentile for busiest shopping center in the state of Georgia over the last year. The center is located adjacent to one of the most affluent neighborhoods in Columbus and close to several employment nodes and demand drivers, including Fort Benning. Fort Benning is the 3rd largest employer in Georgia with an economic impact of $4.75 billion per year.
The sale continues Coro Realty’s strategy to diversify its portfolio and redeploy its capital to infill sites and densifying markets.
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of $1 billion. For more information, visit cororealty.com.
