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Summit Point shopping center bought for $16.7M | Business

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Summit Point shopping center bought for $16.7M
Business
Summit Point shopping center bought for $16.7M

FAYETTEVILLE, Ga. -- The Summit Point shopping center in Fayetteville has been bought by California-based TNP Strategic Retail Trust Inc.

TNP, a real estate investment trust and subsidiary of Thompson National Properties LLC, said it paid $16.7 million for the retail center. The seller was CP Summit Retail LLC.

The deal was the 11th acquisition for TNP.

"Fayette County continues to be a prime growth area of south Atlanta with an expected population growth of more than 13 percent in a three-mile radius within the next five years," Steve Corea, senior VP of acquisitions for Thompson National Properties, said in an annoucement explaining the purchase.

Summit Point was built in 2004 and is anchored by a Publix supermarket. The property consists of two buildings, totaling 104,572 rentable square feet, with two additional ground-leased outparcels and one 5,000-square-foot parcel of land.

(Atlanta Business Chronicle)

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