RETAIL TRADES MOVING UP IN ATL
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Investors in the Atlanta retail market remain skittish, but favorable pricing is allowing some deals to close, according to the economists at CoStar. Poor fundamentals and still depressed capital markets have made it hard for buyers to come off the sidelines. Most recent trades came with price tags under $5M. Early in March, however,Inland Real Estate Acquisitions purchased several retail assets in the Atlanta metro from TIAA-CREF. Out of the 57 properties in the entire portfolio, 11 were located here (mainly in the Duluth area). Overall, Inland paid $424M for the portfolio. GLL Properites recently bought the newly built 500K SF Canton Marketplace as part of a portfolio from the Sembler Co. for $47.4M, or $95/SF. The property is 95% occupied, with such tenants as Bed Bath & Beyond, Best Buy, and Target. That said, several properties are reportedly facing foreclosure, which could result in some discounted buying opportunities. Property owners are still putting their assets on the market, and the quality ones will likely sell. Jacoby Development has put the retail portion of Atlantic Station up for sale, and it is reportedly under contract with Inland and North American Properties. The 586,300 SF property is 13% vacant. |
