ATLANTA, GA—Clearwater Crossing, a 90,566-square-foot shopping center owned by a joint venture between Madison International Realty and DDR Corp., has traded to Forum Management Group for $16.85 million in a sale brokered by Jones Lang LaSalle.
The center is more than 95-percent occupied and anchored by a high-performing Kroger on Atlanta's attractive north side in a growing and affluent submarket.
JLL's managing director, Margaret Caldwell and vice president Margaret Jones led the transaction.
“Population growth in Atlanta has made grocery-anchored retail assets extremely attractive to investors,” said Caldwell. “Clearwater Crossing's strategic location and strong tenancy with a Kroger made this a highly sought after offering.”
The property captures shoppers from the wealthiest parts of Hall County, one of the top 50 fastest growing metros in the U.S., which is growing by 2.5 percent annually. It is situated in an expansive trade area, with a population of exceeding 32,000 and an average household income of $107,798. Additionally, the limited competition within the traditional three-mile radius attracts shoppers from a long distance due to the connectivity provided by Friendship Road, Spout Springs Road and Thompson Mill Road.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
