Coro Realty Advisors, LLC revealed that it had acquired Rivoli Crossing in joint venture partnership with Harbour Retail Partners. Coro Realty Advisors, LLC was founded in 1997 and is widely known for diligent real estate investment and development. The firm provides property management, asset management, and other advisory services for commercial and residential properties across the southeastern part of the United States. Harbour Retail Partners, a real estate fund, is managed by Jim Cheney and Randy Kelley. Harbour Retail Partners targets necessity-based retail.
A 96,000 square foot neighborhood property, Rivoli Crossing is located in Macon, Georgia. The Dollar Tree, The Fresh Market, and Stein Mart are within the property's area. Rivoli Crossing also features 29,000 square feet of local and regional shop tenants.
"We bought Rivoli Crossing below replacement cost, but still anticipate solid future income. National tenants make up 70% of the GLA and contribute 64% of the existing income. Plus, tenants with 10+ years of occupancy at the center make up 37% of the GLA and contribute one quarter of existing income," President of Coro Realty John Lundeen explained.
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