Cole Captures Canton
Cole Real Estate Investment scored Canton Marketplace, a 352k SF TJ Maxx and Dicks Sporting Goods-anchored power center from GOL for $61M. (Hello, new baseball mitts.)
Cole Credit Property Trust IV made the acquisition. Coles Scott Holmes says the Canton market is demonstrating strong growth overall despite the bumpy recovery of metro Atlanta overall. But what makes the bet on Canton Marketplace particularly appealing is a hospital: Northside Hospital is relocating its Cherokee hospital to a site next door to the shopping center, bringing some 800 jobs with it, Scott says. That certainly bodes well for the area, he says. (Never hurts to have a nurse as a neighbor.)
Cole overall looks favorably on Atlantas retail investments. The firm, through its assorted funds, owns a huge number of Georgia properties, everything from Walgreens in Decatur and Union City to Circle Ks, Churchs Chicken restaurants and Kroger stores. But it also has been buying up other big shopping centers, most recently Camp Creek Shopping Center. And more could be in store. "It is certainly more competitive than its been in the past few years," Scott says. "But I would say we are finding a lot of good opportunities among power centers."
