Garden City, Ga. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located adjacent to the Port of Savannah in Garden City.
The grocer, which has anchored the shopping center since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792-square-foot property to a private, North Carolina-based family office doing business as Berkshire-Hudson Capital XI.
The seller recently replaced the shopping center’s roof and executed nine lease renewals in 2021, including Food Lion’s. Other tenants at Garden Grove include Concentra Health Urgent Care, Rent-a-Center, Hopxing Chinese Restaurant, X-Cell Communications, Suave House Barber, Jackson Hewitt Tax Service and RPM Coin Laundry.
Zach Taylor of IPA represented Fletcher Bright in the transaction. “Garden Grove illustrated that demand for grocery centers in growing Southeast markets continues to drive record pricing despite recent interest rate increases,” says Taylor.