Spectrum closes East Coast retail dispositions

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Atlanta-based Spectrum Realty Advisors arranged the sale of St. Andrews Crossing in Columbia, S.C., and Northeast Plaza in Lumberton, N.C. The total value of the transactions was $10.3 million. Joe Montgomery, director of investment sales at Spectrum, represented owner Washington, D.C.-based Northridge Capital in the $6 million sale of St. Andrews Crossing, and represented a private ownership group based in High Point, N.C., in the $4.3 million sale of Northeast Plaza. An investment group led by Miami-based Gator Investments acquired St. Andrews Crossing, a 67,910-square-foot shopping center anchored by a 53,710-square-foot Kroger. Located on St. Andrews Road near the Interstate 26 interchange, the center was built in 1994 and was 94 percent occupied at the time of sale. In Lumberton, N.C., Norfolk, Va.-based Perrine-Wheeler acquired Northeast Plaza, a 54,511-square-foot shopping center anchored by a 33,000-square-foot Food Lion. The center also lists Dollar General Store as a tenan...