This Week’s Atlanta Deals Sheet (June 6, 2022)
Strong demographics and the most popular Sprouts Farmers Market in the state helped a major North Atlanta mall sell nearly $100 million.
Courtesy of Stan Johnson Co.
The Shoppes at Webb Gin, which was purchased by Continental Realty Corp.
Baltimore-based Continental Realty Corp. has 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 $97 million, or $294 per SF, according to a press release. Stan Johnson Co. General Manager Margaret Caldwell and Associate Manager Patrick Kelley negotiated the sale of the property at 1350 Scenic Highway South.
CRC bought the mall — 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 pennies. – strong markets. The fund bought 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 3 miles of the center, earning an average of $110,000 a year, according to a news release. Over the next five years, the population is expected to increase by 7%.
Adler Real Estate Partners has purchased a light industrial portfolio of three buildings in metro Atlanta for $28.1 million from Geneva Group. Adler purchased 65K SF 1155 Roberts Blvd. and 47K SF 1965 Vaughn Road, both 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, Partner Jim Freeman and Analyst Max Coffin brokered the sale.
Inland Real Estate Income Trust has purchased a portfolio of eight grocery-anchored centers across the United States, including one in Smyrna.
Inland has purchased Olde Ivy Village, a 46,500 square foot shopping center located at 4330 East-West Connector. The press release did not name a seller, but the Reonomy property search database and Georgia Secretary of State business records indicate that the seller, Columbia East West I, is a subsidiary of Columbia Residential.
Olde Ivy Village was part of a 687K SF mall portfolio sale covering properties in Dallas, Detroit, Los Angeles, Minneapolis, Philadelphia and Washington, DC, which traded for a total of $278 million. 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.
Two Buckhead Plaza
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 are both owned by Cousins Properties. CBRE Senior Vice President Dale Lewis brokered the deal.
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 warehouse complex on the last mile. Stonemont Financial Group announced in a statement that it has acquired the land off the Chamblee-Tucker and Chamblee-Dunwoody roads and, in partnership with Seven Oaks, plans to open a new 236K SF industrial park this month. The project should be delivered in the second quarter of 2023.
Raleigh developer Aventon Cos. is looking to build a huge apartment project in Gwinnett County. The developer has filed an application with the Georgia Department of Community Affairs for what it calls Aventon Park, which would include 662 apartments, 16,700 square feet of office and retail, and 5,400 square feet for restaurants. The 57-acre project off US 78 would be delivered in 2025, depending on demand.
A partnership between Trilith Development, Mainsail Lodging & Development and Development Ventures Group has opened a 193-room boutique hotel that will be part of Marriott’s Tribute portfolio. The hotel will be part of the mixed-use development adjacent to Trilith Studios in Fayetteville. The hotel will include 36 extended-stay rooms, 9K SF of indoor and outdoor meeting space, a wine boutique, a “theater kitchen”, a heated pool and a fitness center, according to a press release.