Sugar Hill, Ga. — Ackerman & Co. and Novare Group have announced plans to develop a 13,275-square-foot retail project within Novare Group’s Conclave development in Sugar Hill. Situated on a four-acre site within the mixed-use property, the retail component will comprise two buildings totaling 6,035 and 7,240 square feet, respectively. Kelly Wilson of Ackerman Retail will lead leasing at the development.
Snellville, Ga. — JLL Capital Markets has arranged the sale of Presidential Commons, a 264,271-square-foot shopping center located in Snellville. Kroger anchors the property, which was 89 percent leased at the time of sale. Other tenants at the center include Petco, Ulta Beauty, Burlington, Five Below and Aaron’s. SITE Centers sold the property to Sterling Organization for an undisclosed price. Jim Hamilton, Brad Buchanan, Andrew Michols and Anton Serafini of JLL represented the seller in the transaction.
Cumming, Ga. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.5 million sale of Vickery Village, a 59,601-square-foot retail center located in the Atlanta suburb of Cumming. The shopping center is situated within a larger, 188,000-square-foot mixed-use development dubbed Vickery Village Center. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, an entity doing business as Vickery Village Community LLC, in the transaction. An entity doing business as Vickery Village Retail LLC acquired the center, which was leased to 27 tenants at …
West Palm Beach, Fla. — The West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value add fund investment vehicle Sterling Value Add Partners IV L.P. ,and SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Virginia; Presidential Commons in Snellville, Georgia; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN …
High occupancy rates and prohibitive development costs continue to challenge expansion-minded retailers. Only 4.5 percent of total retail space in the United States was available for lease at the end of August, according to CoStar Group. That represents a 35 percent reduction in retail availability over the past decade amid greater absorption and space being removed from the market. Combined with limited new shopping center development over the past 15 years, the tight conditions are pushing retail real estate experts to get creative when searching for ways to help brands …
Pooler, Ga. — Cohen & Steers Income Opportunites REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s.
Alpharetta, Ga. — Marcus & Millichap has brokered the $6.3 million sale of Deerfield Village, a 16,500-square-foot retail center located in the Atlanta suburb of Alpharetta. Tenants at the property, which was fully leased at the time of sale, include Ichiban and Nahm. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller in the transaction.
Duluth, Ga. — Gwinnett County’s Urban Redevelopment Agency has acquired Macy’s department and furniture stores totaling 293,059 square feet at Gwinnett Place Mall, a beleaguered regional shopping mall in the northeast Atlanta suburb of Duluth. With this 23-acre acquisition, the county — which initially purchased a 39-acre portion of the Gwinnett Place Mall site in 2021 — will own a total 76 acres at the site. Gwinnett County’s Urban Redevelopment Agency purchased the two Macy’s stores in a $16.5 million sale-leaseback transaction, and Macy’s will continue to operate at the property …
Atlanta — Paper products manufacturing and marketing giant Georgia-Pacific has announced plans to redevelop the company’s 51-story world headquarters building and the surrounding city block in downtown Atlanta. Upon completion, the development will feature more than 400 apartment units on the tower’s top floors; 125,000 square feet of retail, restaurant and entertainment space; 600,000 square feet of Class A office space anchored by Georgia-Pacific and its parent company, Koch Inc.; 35,000 square feet for a large, central plaza; more than 2,100 parking spaces; and MARTA and Atlanta Streetcar transportation access. “The …
Atlanta — Shoe and sports apparel retailer The Athlete’s Foot, which operates 400 stores in 24 countries, has opened a flagship store in Midtown Atlanta. Located along the Atlanta BeltLine adjacent to Piedmont Park, the new space also features a community center component that will serve as “cultural hub” for community engagement. Project partners included T. Dallas Smith & Co. (real estate advisor), J.M. Lee Construction Co. (general contractor) and Aysha Pennerman (mural artist).
