Cole Credit Property Trust IV, a real estate investment trust affiliated with American Realty Capital Properties, purchased Albany Square in Albany, Georgia this week for $9.7 million free and clear of existing debt. Equity Investment Group sold the 125,038-square-foot retail power center with representation from senior managing director Brad Peterson and senior financial analyst Whitaker Leonhardt in HFF's Orlando office. Terms of the deal were not disclosed.
"Albany Square is located at the epicenter of the most dominant retail trade area in southwest Georgia," said Brad Peterson. "Albany Square is adjacent to a successful Publix Supermarkets and Target and directly across the street from the Albany Mall. With the recent addition of a new Petsmart and Party City to the retail center, combined with recent capital improvements, it feels like a brand new center."
Albany Square is located at 2707 Dawson Road in Albany and was completely renovated in 2013. The property was 97.6% leased at the time of sale.
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