The Lightstone Value Plus Real Estate Investment Trust, Inc. (LVPR) announced today that it has acquired Crowe’s Crossing Retail Center, which is anchored by , for $7.5 million.
The purchase is LVPR's second Kroger-anchored purchase in the Atlanta area within a year; it also acquired Everson Pointe Shopping Center, an 81,428-square-foot, Kroger anchored shopping center in Snellville, LVPR said.
A 93,728-square-foot shopping center at the corner of S. Hairston and Redan roads, bought the property from Torchlight Investors. The acquisition was financed using non-recourse CMBS debt.
In a press release about the purchase, LVPR referred to the anchor as "a strong performing Kroger grocery" that recently renewed a long-term lease.
“The acquisition of Crowe’s Crossing is a strong example of Lightstone's focus on acquiring well anchored shopping centers in good locations with a value-add component," said Akiva Elazary, the Lightstone' Group's vice president of investments, in the announcement. "This acquisition expands our Atlanta retail portfolio, and we are currently aggressively pursuing additional acquisitions in the Southeast."
“We are particularly pleased with this property’s significant discount to replacement cost, which positions the property for aggressive leasing," said Jay Wiseman, The Lightstone Group’s Senior Vice President of Investments.