The Stewartsboro Crossing mall was recently sold for a good amount less then originally purchased for in 2006.
Smyrna Holding LLC - whose mailing address matches the L.A. brokerage firm - bought Smyrna's Stewartsboro Crossing last month from Atlanta-based Servidyne.I'm a bit surprised for a few reasons. The intersection I feel is going to have growth in the future and that should have driven up the price. While nothing like the Sam Ridley pkwy growth, the area is growing. In the recent past we have seen the new Walgreens get built and the old Walmart building become a call center with a few hundred employees. The open fields just scream for development. I know the economy can best be described as corpse like, but a $900,000 drop seemed counter to how I see the area.
Servidyne, once known as Abrams, sold the the Food Lion-anchored shopping center for nearly a fifth less than it paid for it in 2006. After paying $5.2 million for the tract in 2006, Servidyne sold it to Smyrna Holding for $4.3 million in December — an 18 percent loss over four years.