Cook: Brightside Point Shopping Center sells for $1.1M
The Brightside Point Shopping Center, home to Inga's and the Chinese Kitchen, sold on March 13 for $1.1 million. The seller, LeMark Inc., was represented by Lee Pickard, and the purchaser, Brightside Shopping Mall LLC, by Youngjae Lee. The shopping center contains 6,104 square feet, which works out to about $180 per square foot. That's one of the higher prices I've seen paid for a shopping center of this type; but according to sources close to the transaction, the property is 100% occupied, and rental income supports a return of over 8%. The location of the center, at Brightside Lane near Nicholson Drive, benefits from the explosion of student apartment development over the last few years, and that seems to be what's generating higher rental rates and occupancies—making this an excellent investment for the purchaser.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
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