Retail Traction Following Multifamily in Atlanta Suburbs

This retail asset sold on the Ten-X online real estate platform.

ATLANTA— Gwinnett Prado Shopping Center, a 361,715-square-foot, supermarket-anchored center in Duluth, GA, has traded hands. The retail asset sold on the Ten-X online real estate platform for $17 million. Sam Hale of Hale Retail Group teamed with Philip Kates , Adam Sklaver , and Dean Lewis of Ten-X to market and sell Gwinnett Prado Shopping Center. A subsidiary of Insignia LLC purchased the asset. An individual investor was the seller. “The Ten-X platform offered the best avenue for this large-scale asset by providing a solution that made the most sense to the seller,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “The Ten-X valuation and marketing process helped create a sense of urgency among buyers which resulted in lots of additional interest and a higher sales price than what anyone had previously anticipated.” Located just outside Atlanta at 2250 and 2300 Pleasant Hill Road in Gwinnett County, the 1988-built property has five, one-story buildings on a 32-acre lot. A Great Wall supermarket takes up 102,000 square feet of the center’s occupancy. Office Max and T-Mobile are among the other retail tenants. The sale comes against the backdrop of massive multifamily traction in Atlanta submarkets. Howell Bridge Apartments, a 256-unit multifamily community Duluth traded hands in March. Admiral Capital Group and McCann Realty Partners snapped up the two-story garden-style multifamily asset. The deal is Admiral’s third multifamily buy in the Atlanta MSA and marks its first joint venture with McCann. Despite the challenge of major construction that made it difficult to access the property, National Asset Services has delivered an 18.9% ROI to tenant-in-common (TIC) owners on the sale of Brodick Hills Apartments. The multifamily asset is located in Lithia Springs, about 18 miles west of Downtown Atlanta. “The rental market has become much more active in the suburbs and not just in-town markets,” CBRE ‘s Brad Simmel of the Southeast Multifamily Group, tells GlobeSt.com. “With the metro Atlanta population continuing to grow and more diverse subset of renters, the suburbs will remain an active player in the multifamily scene. Strong occupancy, limited new construction, job growth and continued forecasts of annual rent growth make for a sound investment.”