FOR IMMEDIATE RELEASE
Friday, October 16, 2014
Contact: Jerry Pascual
Phone: (404) 926‐1529
CONYERS CROSSROADS SHOPPING CENTER
HENDON PROPERTIES ACQUIRES RETAIL POWER CENTER IN CONYERS, GEORGIA
ATLANTA, GEORGIA – Hendon Properties in conjunction with Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), 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 9, 2015 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 Harbert Management Corporation, U.S. real estate team and Hendon Properties.
About Harbert Management Corporation
HUSREF V is sponsored by Harbert Management Corporation (“HMC”). HMC, together with its sponsored funds, has owned, developed and managed multi‐family, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long‐term strategic relationships. HUSREF V’s approach is hands‐on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management.
About Hendon Properties
Hendon Properties is a full‐service development, brokerage and management organization with a specific focus on community and regional shopping centers as well as credit tenant build‐to‐suit developments. The Hendon team is actively involved in all aspects of retail real estate, including: site selection, project budgeting, due diligence, engineering, architecture, construction, and leasing. Hendon Properties has completed over $1 billion of commercial real estate transactions.