ATLANTA-RCG Ventures has acquired a 100,000-square-foot class C shopping center called Shannon Square from Beachwood, Ohio-based Developers Diversified Realty Corp. Financial terms of the deal were undisclosed.
Jones Lang LaSalle managing directors Kris Cooper and Margaret Caldwell, along with associate Christie Hawver, represented the seller. RCG Ventures was not available to comment on the sale of Shannon Square, which is located along Jonesboro Road/Highway 138 in Union City, just south of Atlanta’s central business district.
“This was not a distressed deal,” Cooper tells GlobeSt.com. “But it’s not a Class A deal, either. This is your run-of-the-mill class C product—not the kind of product that’s been en vogue during the past couple of years. There’s nothing sexy about the product or its location. There’s no big anchor and no grocery story. There’s no sizzle.”
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