Sandy Springs, GA, Retail Portfolio Acquired by Atlanta-Based Jamestown
The sale permits Mimms to focus on its remaining core assets of 31 properties, and to place more emphasis on acquiring multi-tenant retail and industrial opportunities throughout Atlanta and the Southeast.
SANDY SPRINGS, GA—A portfolio of two adjacent retail properties in Sandy Springs, GA, a suburb of Atlanta, has traded hands from Mimms Enterprises to Jamestown, an Atlanta-based investment manager that owns 129 assets worth about $15.1 billion, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
Holliday Fenoglio Fowler arranged the sale of the 334,787-square-foot portfolio that included The Exchange at Hammond and Parkside Shops. Jamestown purchased the assets free and clear of existing debt. The transaction value was not disclosed.
The HFF team of senior managing director Jim Hamilton, directors Brad Buchanan and Michael Allison and associate Shea Petrick marketed the properties on behalf of the seller, Mimms Enterprises.
The Exchange at Hammond, 5930-5992 Roswell Road Northeast, and Parkside Shops, 5920 Roswell Road Northeast, are located in one of Atlanta’s premier locations near two of the most heavily traveled Interstate Highways in Georgia, Interstate 285 and Georgia 400.
The retail centers are positioned on 25 contiguous acres at the intersection of Roswell Road and Hammond Drive, one of the most sought-after intersection in Atlanta with approximately 70,800 vehicles passing the properties per day. The affluent Buckhead community is three miles away, with midtown and downtown Atlanta eight and 10 miles away, respectively. There are 86,120 residents earning an average annual household income of more than $145,000 within three miles of the centers.
The Exchange at Hammond, 176,376 square feet in size, is fully leased to Whole Foods Market, Marshalls, Office Depot, Petco, Dollar Tree and more.
Parkside Shops is a 158,411-square-foot, value-add retail center leased to a variety of national and regional tenants, including The Cinema Springs & Taphouse, Tuesday Morning, Jump Start Gym, Chipotle, Egg Harbor Café, Subway and il Giallo Osteria & Bar.
For Mimms, HFF says the sale offered the firm the opportunity to focus on its remaining core assets of 31 properties totaling more than two million square feet, and to place more emphasis on acquiring multi-tenant retail and industrial opportunities throughout Atlanta and the Southeast.
CORRECTION, 11/2/2018 5:43 p.m.: Because of an editing error, an earlier version of this article incorrectly identified the location for Jamestown as Cologne, NC. The company actually is headquartered in Atlanta, according to Fallon McLoughlin, corporate communications manager for Jamestown.