Coro Realty Advisors, LLC announces the acquisition of Cross Country Plaza, in joint venture with G.H. Anderson & Co., LLC and Bavin Southeast Investments, LLC. The property is located at the intersection of Macon Road and Auburn Avenue, just off I-185, in Columbus, Georgia. Cross Country Plaza consists of five retail buildings and four outparcels totaling 368,360 SF. The acquisition was financed by a loan from Northwestern Mutual. Rob Francour, Director, Northwestern Mutual Real Estate Investments, LLC, represented Northwestern Mutual in the transaction. The seller was Glenwood Development Company, which did a creditable job of renovating the property and securing new anchor tenants following its purchase in 2004. Berkeley Capital Advisors represented the seller.
Coro Realty sees Cross Country Plaza as an opportunity to blend stable income from national credit anchors like Publix, TJ Maxx and Office Max, with opportunistic returns from strategically renovating and re-tenanting portions of the property. John Lundeen, Coro Realty’s President noted, “We bought Cross Country Plaza below replacement cost, and as a Core+ property with upside. National credit tenants make up 58% of the GLA and contribute 70% of the existing income. Plus, tenants with 10+ years of occupancy at the center make up 48% of the GLA and contribute 56% of existing gross income.” In addition, Coro Realty sees potential to lease vacant space, expand existing tenants, reposition and redevelop certain portions of the center, and spin off outparcels.
Cross Country Plaza is the dominant community shopping center serving the Midtown, Downtown, and Macon Rd. areas of Columbus. The property is less than one mile from the Columbus Country Club, two miles from AFLAC Insurance’s headquarters and three miles from Columbus State University, St. Francis Hospital and the Columbus Airport. It is also near Fort Benning, which serves 40,000 active-duty military personnel and supports over 120,000 military, family members and civilians.
Robert Fransen, a partner in Coro Realty, stated, “In addition to the center’s operations and tenancy, we are also excited about the area’s improvements.” The City of Columbus is in the middle of developing a $100 million municipal campus across the street from Cross Country Plaza. Once completed, this campus will house a new public library, civic and educational offices, the county public education complex and governmental administrative offices.
Coro Realty Advisors, LLC was founded in 1997 and is synonymous with Atlanta and Southeastern real estate with intelligent real estate development and investment. The firm provides Asset Management, Property Management and Real Estate Advisory Services based on a customer-centric management and leasing philosophy, for a myriad of residential and commercial properties throughout the Southeastern United States.
For more information on this property contact:
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia 30327