Cornelia, Ga. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center located at 216 Carpenters Cove Lane in Cornelia. The 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investor group. Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the center has direct frontage to U.S. Highway 441 South. At the time of sale, there was one available suite totaling 1,750 square feet that …
Elberton, Ga. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens, Georgia. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in …
Atlanta and Fort Lauderdale, Fla. — Atlanta-based furniture retailer The Aaron’s Co. has agreed to acquire BrandsMart USA. for $230 million. BrandsMart is an appliance and consumer electronics retailer with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, the Fort Lauderdale, Florida-based company generated $757 million in revenue. The transaction is subject to closing adjustments and is expected to close during the second quarter. Upon closing, BrandsMart will report to Aaron’s president, Steve Olsen, and will continue to be headquartered in Fort Lauderdale. …
Roswell, Ga. — JLL Capital Markets has arranged the $29.5 million sale of Connexion at Holcomb Bridge, a 106,711-square-foot neighborhood retail center in Roswell, about 21 miles from downtown Atlanta. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL Capital Markets represented the seller, DNA Partners, in the disposition of the property to Brixmor Property Group. The center is home to tenants including Planet Fitness, Starbucks Coffee, Kale Me Crazy, My Salon Suite, Emory Healthcare Network, Dogtopia and From the Earth Brewing Co. Originally constructed in 1985, the property was …
Sandy Springs, Ga. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot shopping center in Sandy Springs, about 16 miles from downtown Atlanta. Core Property Capital sold the property for $40.5 million. Anchored by Sprouts Farmers Market, the center was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie …
Valdosta, Ga. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind also represented the undisclosed buyer in the transaction. Promenade Plaza was fully occupied at the time of sale by tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number.
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 …