November 14, 2016
Enterprise Mill, a 179,122-square-foot, mixed use property sold for $12.9 million, the largest year-to-date sales transaction to close in Augusta, GA. A.J. Belt III and David Duckworth with Avison Young represented seller, Melaver/Enterprise Mill LLC in the disposition to Coral Gables, FL-based Enterprise Mill LLC.
Situated on nine acres at 1450 Greene St. in downtown Augusta, Enterprise Mills consists of close to 119,000 square feet of office and retail space, and 60 residential lofts. The asset is close to the Medical College of Georgia, three major hospitals making up Augusta’s medical complex, and upscale boutiques.
Avison Young’s Belt said Enterprise Mill was one of the few trophy, value-add assets in the Augusta market. Added Duckworth: “With the cap rate compression seen in the South Florida market, there is a trend of investors looking further north for greater yield, as demonstrated by this sale.”
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