ORLANDO, FL - HFF announced today that it has closed the sale of Publix Plaza, a 52,600-square-foot grocery-anchored retail center in Tifton, Georgia.
HFF marketed the property on behalf of the seller, TMall Development, LLC, an RCG Ventures related entity. Publix Super Markets, Inc. purchased the unencumbered property for $7.043 million.
Publix Plaza is located at 620 Virginia Avenue North adjacent to the Interstate 75 in Tifton. Completed in 2012, the Publix-anchored center is 98.1 percent leased and is situated adjacent to Tifton Plaza, which includes tenants such as Belk, JCPenney, Bealls Outlet, JoAnn Fabrics, TJ Maxx and Carmike Cinemas.
The HFF team representing the seller was led by senior managing director Brad Peterson and real estate analyst Whitaker Leonhardt.
“Due to its location and its Tifton Plaza shadow anchor, Publix Plaza enjoys an extended trade area that spans more than 20 miles. With the nearest Publix being more than 45 miles away, customers are travelling considerable distances to visit the center,” commented Peterson.
RCG Ventures is an Atlanta‐based privately funded real estate investment group that: acquires shopping centers, buys distressed debt, and develops commercial real estate in the continental United States. The company’s primary focus is acquiring and repositioning value‐add anchored shopping centers in secondary and tertiary markets. Founded in November of 2003, RCG Ventures has steadily grown its portfolio through direct investment in shopping centers. In addition, the company selectively enters into joint ventures with institutional partners and with owners in search of an equity partner. Since inception, RCG has acquired 85 assets totaling approximately $500 million of Invested Capital. RCG's current portfolio includes approximately 66 assets in 20 states, and over 6.75 million square feet. Additional information about RCG Ventures can be found at www.rcgventures.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 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 www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.