The store will also house 15 booths for services such as a nail salon, beauty shop, travel agency and portrait studio. Spectrum Realty Advisors, which leases and manages Green's Corner, declined to disclose the length and value of the lease. However, area retail brokers tell GlobeSt.com the lease is probably in the five-year to seven-year range with an average base rent of $15 to $17 per sf. The shopping center is at Rockbridge Road and Jimmy Carter Boulevard and has 1,015 surface parking space. Current occupancy is 96.3%.
"Landlords and tenants who recognize Atlanta's progression as an international city can tap into tremendous areas of opportunity," says Spectrum president Jon Barry. "Atlanta's Hispanic and Asian population continues to grow, which is significantly influencing our economy and real estate market." Barry adds, "Retailers and investors who understand this will reap the greatest rewards."
Spectrum's Eric Leineweber represented shopping center owner Infinity Property Fund of Florida in the leasing transaction. The Small Business Synergy Group of Atlanta negotiated for the Mercado investors.
Leineweber says that since Green's Corner was developed in 1983, demographics in the surrounding area have shifted from 99% Caucasian to about 50% Hispanic and 25% Asian. The original tenants included Kmart, Drug Emporium and a United Artists' theater. The tenant roster today includes Mercado del Pueblo, International Flea Market, Blockbuster and a theater that shows India-themed films.
Spectrum and Infinity's research and marketing team showed that the area's growing Hispanic and Asian population "was ready to embrace a large-box retailer that catered specifically to this market segment, complementing the myriad small, international shops that populate northeast Atlanta and the Buford Highway corridor," says Barry.
"Market research also determined that a store like Mercado del Pueblo would be better able to tap into Hispanic shoppers' brand and product loyalty, which is typically higher than other demographic groups.
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