Marietta, Ga. — SRS’ Investment Properties Group has brokered the $6 million sale of The Crossing at Windy Hill, a 32,000-square-foot retail center in Marietta. The property was occupied by tenants including FedEx Office at the time of sale. Kyle Stonis, Pierce Mayson and Boris Shilkrot of SRS represented the seller, Walco Investments LP, in the transaction. Billy Benedict of Stan Johnson Co. represented the buyer, Kenny Properties LLC.
Atlanta and New York City — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Preferred Apartment Communities Inc. (PAC) for approximately $5.8 billion. Under the terms of the agreement, BREIT will acquire all outstanding shares of PAC’s common stock for $25 per share in an all-cash transaction. PAC’s portfolio includes 44 multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, as well as 54 grocery-anchored retail assets comprising roughly 6 million square feet in Atlanta, Orlando, …
Lawrenceville, Ga. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, located about 31 miles from downtown Atlanta in Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. Tenants at Lawrenceville Town Center include Kroger, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, …
Milton, Ga. — Five retailers have plans to join the tenant lineup at Crabapple Market, a mixed-use development currently underway in Milton, located about 31 miles north of downtown Atlanta. Courtney Brumbelow and Haley Hartman of Ackerman Retail completed the leases on behalf of Crabapple Market. Opening this year, the new retailers include DUA Vietnamese, a Vietnamese restaurant; Roll On In Sushi Burritos & Bowls, a restaurant that offers a mix of sushi burritos, tacos, bowls and donuts; Spiced Right Ribhouse, a barbecue restaurant; Buzzed Bull Creamery, an ice cream …
Atlanta — Stockbridge has acquired a six-property, grocery-anchored portfolio located in five markets across the Southeast. Branch Properties will maintain minority ownership in the portfolio and will continue to handle management and leasing at the property level. The portfolio features grocers Publix Super Markets and Harris Teeter, along with a mix of service providers, retailers and restaurants. The six properties, totaling 765,969 square feet, include Burnt Store Marketplace in Punta Gorda, Florida; Village Shoppes of Sugarloaf in Lawrenceville, Georgia; Five Forks Corners in Lilburn, Georgia; Waterford Village in Wilmington, North …
Atlanta — JLL Capital Markets has arranged the $38 million sale of 1010 Midtown, a 44,302-square-foot retail center located on Peachtree St. NE in Atlanta’s Midtown area. The center comprises the ground level of a 425-unit luxury condominium building that was not included in the sale. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, The Ardent Cos., in the disposition of the property to East Coast Acquisitions. Completed in 2008, 1010 Midtown is 94 percent leased to tenants including Sugar Factory, RA Sushi Bar, Piedmont Healthcare, …
Stonecrest, Ga. — The Palomar Group has arranged the sale of Turner Hill Marketplace, a 124,294-square-foot shopping center in Stonecrest, about 21 miles east of downtown Atlanta. A joint venture between M Street Holdings and Highline Real Estate Capital acquired the property for $16.8 million. The Palomar Group represented the seller, RCG Ventures, in the transaction. Built in 2001 and renovated in 2017, Turner Hill Marketplace was fully occupied at the time of sale by tenants such as Burlington, American Signature Furniture and Chapel Beauty.
Lake City, Ga. — Marcus & Millichap has brokered the $11.9 million sale of Lake City Commons, a 91,494-square-foot, Kroger-anchored shopping center in Lake City, roughly 13 miles south of Atlanta. Zach Taylor of Marcus & Millichap’s Taylor-McMinn Retail Group represented the seller, SomeraRoad, in the transaction. The buyer, Forge Capital, assumed the property’s existing CMBS debt with the acquisition.
Atlanta — Branch Properties has signed leases for two new tenants to join Peachtree Battle Shopping Center, a 168,000-square-foot, grocery-anchored center in the Buckhead neighborhood of Atlanta. Roshambo, a new concept from local restaurant group Unsukay, is set to open in a 4,000-square-foot space this summer; and Mediterranean fast-casual restaurant Cava will open in a 2,300-square-foot space this month. Located off Peachtree Road, Peachtree Battle Shopping Center features over 50 tenants, including a 32,836-square-foot Publix, Walgreens, Ace Hardware and Baskin-Robbins.
North Decatur, Ga. and Crestwood, Mo. — Real estate developer EDENS and the City of Crestwood have separately announced two massive mall redevelopment projects in the Atlanta and St. Louis metropolitan areas, respectively. The redevelopment of Class B malls into mixed-use, open-air centers has continued to grow in popularity as shopping center owners and operators look to contend with e-commerce through the delivery of thoughtful spaces that provide an experience for visitors. North Dekalb Mall EDENS purchased North Dekalb Mall last year with plans to redevelop the property into a …
