Gwinnett Mixed-Use Development Sold for $6.4 Million

The Buford Village shopping center in Buford has new owners after a $6.4 million was announced Wednesday.

CBRE Investment Properties Retail Group finalized the sale of 62,000-square-foot shopping center to Florida-based SunCap Real Estate Investments and New York-based Redd Starr, according to a news release.

Craig Taylor, senior vice president within CBRE’s Investment Properties Retail Group, led the sales efforts on behalf of a division of a Connecticut-based firm.

The mixed-use development, which is 69 percent occupied, was built 2008 and includes restaurants, retailers and corporate offices among its tenants, according to the press release. Anchor tenants include Dominick’s Little Italy and Friends American Grill, as well as a hair studio, dentist and insurance agency. Three corporate high-tech oriented headquarters occupy the space, highlighting the stability of the asset. Additionally, 24 resident-owned townhomes are part of the development.

CBRE said approximately 40,000 vehicles pass Buford Village per day, and eight new merchants have been added in the last two years.

“Given the value-added nature of Buford Village, as well as quality positioning in a north Atlanta submarket and its quality curb appeal, there was heavy competition among local and out-of-state groups,” Taylor said. “We logged more investors and received more offers on this offering than all of our other offerings in 2014.”

(Photo: Buford Village. Credit: CBRE)