Gorjian Acquisitions has sold the 109,000-square foot Oglethorpe Plaza shopping center Located in Albany, Georgia as part of a $25 million disposition of the firm’s portfolio of eight retail and mixed-use properties in the Midwest, Southeast, and Northeast.
Photo courtesy of Gorjian Acquisitions

Joel J. Gorjian, a national real estate investor and President and CEO of Great Neck, New York-based Gorjian Acquisitions, has completed the sale of the Oglethorpe Plaza shopping center building in Albany as part of a disposition of his firm’s portfolio of eight retail and mixed-use properties. The sold portfolio totals over 500,000 square feet and includes assets located in the Southeast, Midwest, and Northeast. The transaction was valued in excess of $25 million. 

Located at 1604 East Oglethorpe Boulevard in Albany, Georgia, the 109,000-square foot Oglethorpe Plaza shopping center is anchored by the Roses discount department store and City Trends, a value-priced retailer of urban fashion apparel and accessories. The center is located on a 12-acre lot, right at the interexchange of North Slappey Boulevard, U.S. Highway 19, the Liberty Expressway, and U.S. Route 82. 

Gorjian established Gorjian Acquisitions in 2012. The privately held commercial real estate investment and management firm is headquartered in Great Neck, NY and holds ownership interest in 75 properties nationwide, including shopping centers, mixed-use buildings, medical facilities, multi-family properties, and office buildings.

The firm is an active buyer nationwide, despite the current challenging economic environment. “Following the latest disposition of eight properties, Gorjian Acquisitions is actively pursuing new acquisition opportunities around the country, with a focus on shopping centers, malls, and single-tenant net lease (STNL) properties as well as medical, office, and multi-family buildings with a capitalization rate on existing income above 9 percent,” explained Gorjian. 

In addition to the Oglethorpe Plaza, the sold portfolio included the following assets: the single-tenant Family Dollar property in Danville, Virginia; the Saint Clairsville Plaza shopping center in Saint Clairsville, Ohio; the Cabool Center neighborhood retail center in Cabool, Missouri; the single-tenant Dunkin Donuts building in Gary, Indiana; the Lafayette Center shopping mall in Indianapolis, Indiana; the Bradley Square professional services building in Milwaukee, Wisconsin; and the retail condominium within a mixed-use residential and retail building at 489 Atlantic Avenue in Brooklyn, New York.

The 8,625-square foot Family Dollar single tenant property is located at 604 North Main Street in Danville, Virginia. The asset’s site is within both an opportunity zone and Danville enterprise zone. It features a 23-car surface parking lot.

The Saint Clairsville Plaza in Saint Clairsville, Ohio is a 24,000-square foot, four-unit neighborhood shopping center anchored by Dollar General. It is located on a 9.5-acre site at 51710 National Road East, one mile from Interstate 470’s Exit 1 at Banfield Road. 

The Cabool Center is a 14,129-square foot multi-tenant, Dollar General-anchored strip retail center located on a one-acre site at 523 Ozark Avenue in Cabool, Missouri. The property sits at the busy intersection of Ozark Avenue and Cedar Avenue. 

The 1,981-square foot Dunkin Donuts retail property in Gary, Indiana is located at 6060 East Ridge Road.

The Lafayette Center at 4233 Lafayette Road in Indianapolis, Indiana is a 116,318-square foot strip shopping center anchored by Value City Furniture. It is located less than a quarter mile from Interstate 65 and two miles from the Indianapolis Motor Speedway. 

The 19,545-square foot Bradley Square houses medical and professional services tenants, including a State Farm insurance office, a podiatry office, a senior day care, and a mortgage financing office. The building is located at 7919-7961 North 76th Street, near a busy intersection of North 76th Street and West Bradley Road in Milwaukee, Illinois.

The property at 489 Atlantic Avenue in Brooklyn, NY is a 2,335-square foot, vacant, street-level retail condominium within a five-story, mixed-use building with a residential component. The asset is located two blocks away from the Atlantic Terminal transportation hub and Barclays Center, the home of the NBA's Brooklyn Nets.

Gorjian Acquisitions is headquartered at 60 Cutter Mill Road in Great Neck, New York. Joel J. Gorjian may be reached at either 516.508.3636 or [email protected]. Additional information on the company may be obtained at www.gorjianacq.com.