BUYER: R.C.G-Bayonet LLC (RCG Ventures Distressed Real Estate Opportunity Fund LP), Atlanta
SELLER: D.D.R. Point Plaza LLC
PROPERTY: 12023 U.S. 19, Bayonet Point
PRICE: $1.37 million
LAW FIRM ON DEED: Benesch Friedlander Coplan & Aronoff LLP, Cleveland, Ohio
PLANS, DESCRIPTION: An affiliate of Atlanta-based RCG Ventures LLC purchased the 209,714-square-foot Point Plaza strip center for $1.37 million.
The price equated to an unusually low $6.53 per square foot. It was unknown as of press time if the purchase also included an assumption of debit, or if another financial exchange was responsible for the low price.
RCG Ventures' website reports the shopping center has 133,378 square feet of vacant space, leaving it only 36% occupied.
Anchored by Bealls and Dollar Tree, the Bayonet Point shopping center features a CitiFinancial, H&R Block and RadioShack. The development also houses five outparcels that were not included in the sale.
The purchase entity R.C.G-Bayonet LLC mortgaged the property to State Bank and Trust for $4.14 million.
Founded in 2003, RCG Ventures LLC is a privately funded real estate investment group. This year, it was named the 60th largest retail landlord in the United States. RCG's most recent fundraising was completed in December of 2010, and is expected to allow RCG to acquire $300 million worth of assets.