This Week's Atlanta Deal Sheet
Strong demographics and the state's most popular Sprouts Farmers Market has helped a prominent North Atlanta retail center trade for nearly $100M.
Baltimore-based Continental Realty Corp. purchased The Shoppes at Webb Gin, a 330K SF lifestyle center in Snellville, 25 miles north of Downtown Atlanta in Gwinnett County, from Olshan Properties for $97M, or $294 per SF, according to a press release. Stan Johnson Co. Managing Director Margaret Caldwell and Associate Director Patrick Kelley brokered the sale of the property at 1350 Scenic Highway South.
CRC purchased the center — anchored by Georgia's busiest Sprouts grocery store, according to customer traffic research firm Placer.ai — through its opportunistic retail fund that targets opportunistic buys in strong submarkets. The fund purchased Banks Crossing, a 255K SF shopping center in Fayetteville, last month.
The Shoppes at Webb Gin, built in 2006, was 89% leased at the time of the sale, with Barnes & Noble, H&M, DSW, Sephora, Kay Jewelers and Victoria's Secret among its other tenants. More than 68,000 people live within a 3-mile radius of the center, earning an average of $110K per year, according to a press release. Over the next five years, the population is expected to climb by 7%.
SALES
Adler Real Estate Partners purchased a three-building light industrial portfolio in Metro Atlanta for $28.1M from Geneva Group. Adler bought the 65K SF 1155 Roberts Blvd. and the 47K SF 1965 Vaughn Road, both of which are in Kennesaw, as well as 4955 Avalon Ridge Parkway, a 61K SF building in Norcross. JLL Senior Managing Director Matt Wirth, Managing Director Ralph Smalley, associate Jim Freeman and analyst Max Coffin brokered the sale.
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Inland Real Estate Income Trust purchased a portfolio of eight grocery-anchored centers across the U.S., including one in Smyrna.
Inland bought Olde Ivy Village, a 46,500 SF shopping center at 4330 East-West Connector. The press release didn't list a seller, but property search database Reonomy and Georgia Secretary of State business records indicate the seller, Columbia East West I, is an affiliate of Columbia Residential.
Olde Ivy Village was part of a 687K SF shopping center portfolio sale spanning properties in Dallas, Detroit, Los Angeles, Minneapolis, Philadelphia and Washington, D.C., which traded for a combined $278M. JLL Managing Director Bill Moylan, Senior Managing Directors Chris Angelone, Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and Managing Director Amy Sands brokered the sale.
LEASES
Storage Post, an Atlanta-based self-storage investor and operator, has moved its headquarters from Two to One Buckhead Plaza. Both buildings are in the Buckhead Plaza complex in the heart of Dunwoody Village, and both are owned by Cousins Properties. CBRE Senior Vice President Dale Lewis brokered the deal.
DEVELOPMENT
Seven Oaks Co. had planned to build an Amazon logistics facility on 30 acres in Chamblee, but the developer is pivoting its vision for the site to a four-building last-mile warehouse complex. Stonemont Financial Group announced in a release that it had acquired the land off Chamblee-Tucker and Chamblee-Dunwoody roads and, in a partnership with Seven Oaks, plans to break ground this month on a new 236K SF industrial park. The project is expected to deliver in the second quarter of 2023.
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Raleigh developer Aventon Cos. is looking to build a massive apartment project in Gwinnett County. The developer filed an application with the Georgia Department of Community Affairs for what it is calling Aventon Park, which would include 662 apartment units, 16,700 SF of office and retail space, and 5,400 SF for restaurants. The 57-acre project off U.S. 78 would deliver in 2025, according to the application.
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A partnership of Trilith Development, Mainsail Lodging & Development and Development Ventures Group has broken ground on a 193-room boutique hotel that will be part of Marriott's Tribute Portfolio. The hotel will be part of the mixed-use development next to Trilith Studios in Fayetteville. The hotel will include 36 extended-stay rooms, 9K SF of indoor and outdoor meeting spaces, a wine shop, a "theatre kitchen," a heated pool and a fitness center, according to a press release.
