ATLANTA—A retail portfolio of three Publix-anchored shopping centers and one Planet Fitness-anchored shopping center totaling 307,500 square feet in metro Atlanta, has traded hands. The sale price: $35 million.
Avison Young's Atlanta office closed on the sale of the retail portfolio, which includes the 69,300-square-foot Dacula Village in Dacula, GA; the 79,000-square-foot Publix at Mount Zion in Morrow, GA; and the 78,600-square-foot Stockbridge Lakes in Stockbridge, GA. The 80,700-square-foot Planet Fitness-anchored property, McDonough West is located in McDonough, GA.
Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young represented the seller, Ginsburg Development Companies, in the transaction. Avison Young worked with Harbour Retail Partners, a Georgia-based real estate fund.
“Well-located, neighborhood-anchored shopping centers continue to receive strong pricing from the market,” Theresa Johnson, senior vice president of Retail Investment Sales at Avison Young, tells GlobeSt.com. “With the anticipated rise in interest rates over the next few quarters, we will likely see an upward adjustment in cap rates.”
The four retail assets had a combined 92.5% occupancy at the time of the sale. Retail Planning Corporation will handle the portfolio's leasing and management.
“The centers offered strong demographics in above-average growth markets with robust anchor store sales,” says Johnson. “The portfolio has been historically well-leased and has required minimal maintenance and improvements given the quality construction.”
How will retail evolve in 2018? Here's one take. And find out why some retailers risk getting left behind.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
