ATLANTA-Cole Real Estate Investments snapped up Camp Creek Marketplace, a regional power center in East Point, GA for $76.3 million. The class A, 425,000-square-foot shopping mall is 93% occupied.
Thomas Falatko, vice president of acquisitions, represented Cole. Eric Zimmerman and Miles Theodore of Eastdil Secured represented the undisclosed seller.
“This asset was broadly marketed and it garnered a lot of interest,” Falatko tells GlobeSt.com. “It’s a very dense trade area. There’s really no other dominant retail property within 15 miles. That’s what attracted us and other investors. Properties that are classified as strong A core type properties are attracting strong investor interest. It’s a flight to quality.”
Completed in 2003, Camp Creek Marketplace is located at the intersection of I-285 and Camp Creek Parkway in a dense retail corridor three miles west of Atlanta’s Hartsfield-Jackson International Airport. The area has a population of 600,000 residents within 10 miles of the center. As Falatko mentioned, the nearest comparable power center is about 15 miles away.
“Camp Creek is the dominant retail destination within a very large and growing trade area and is at the epicenter of retail activity in the region,” adds Thomas Roberts, executive vice president and head of real estate investments for Cole. “With nationally recognized, high credit-quality tenants, long-term lease commitments, stable cash flow and very little competition in the area, this is exactly the type of multi-tenant retail asset we are targeting for acquisition in our expanding portfolio.”
Major tenants include BJ’s Wholesale Club, Marshalls, Ross, TJ Maxx, Barnes & Noble, Staples, PetSmart and Old Navy. Other notable tenants include Lane Bryant, H&R Block, LensCrafters, Payless ShoeSource and GameStop. Target and Lowe’s, which were not included in the acquisition, are top drawing shadow anchors at the regional power center.
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