News
Harbert United States Real Estate Fund V Closes on Conyers Crossroads Retail Center
HUSREF V Completes Acquisition of Retail Power Center in Atlanta, Georgia
Birmingham, Alabama, Oct. 14, 2014 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with Hendon Properties recently acquired Conyers Crossroads, a 465,000 square foot, retail power center in the Conyers submarket of Atlanta, Georgia.
HUSREF V and Hendon Properties closed on the Class A retail property on October 9th and intend to invest an additional $2.5 million upgrading and leasing vacant space at the property. Conyers Crossroads is uniquely positioned to attract national retail tenants due to the property’s dominance in the local trade area. With a fundamental recovery and improving demand in the retail real estate market, the joint venture plans to stabilize the property by leasing nearly 65,000 square feet of available space. The acquisition is the first joint venture between the HUSRE Investment Team and Hendon Properties, which seeks well-located properties with value-add upside through focused operational management.
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