GARDEN CITY, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, negotiated the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located next to the Port of Savannah in Garden City. The grocer, which has anchored the mall since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792 square foot property to a private family-owned North Carolina-based office doing business as name of Berkshire-Hudson Capital XI. The seller recently replaced the mall’s roof and renewed nine leases in 2021, including that of Food Lion. Other Garden Grove tenants 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.
IPA’s Zach Taylor represented Fletcher Bright in the transaction. “Garden Grove has illustrated that demand for grocery centers in growing Southeast markets continues to drive record prices despite recent interest rate increases,” Taylor said.