Salisbury, N.C. — Food Lion has remodeled 87 stores across Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia for $127 million. The company’s recently unveiled new format offers a wider variety and assortment of goods across all departments; a greater number of natural, gluten-free and organic items; a larger variety of local craft beer and limited reserve wines; a bigger selection of easy and affordable meals for families; a wider variety of grab-and-go items and pre-sliced deli meats and cheeses; a larger selection of fresh produce and meat; a …
Georgia
McDonough, Ga. — Halpern Enterprises Inc. has acquired McDonough West, an 80,773-square-foot shopping center in McDonough, roughly 30 miles southeast of Atlanta. Harbour Retail Partners sold the property for an undisclosed price. Built in 2000, McDonough West was 92 percent leased at the time of sale and anchored by a 30,000-square-foot Goodwill Store and Donation Center. Additional tenants include Planet Fitness, Dollar Tree, Subway and Cato, along with a Delta Community Credit Union located on an outparcel at the front of the property.
Fort Oglethorpe, Ga. — Stan Johnson Co. has arranged the sale of The Forts, a 5,013-square-foot, two-tenant retail center located in Fort Oglethorpe, about eight miles from Chattanooga. Ryan Roedersheimer of Stan Johnson Co. represented the seller, a Tennessee-based investor. An individual investor from Cumming, Georgia, acquired the property for $1.8 million. Built in 2018, the building is fully leased to America’s Best Contacts & Eyeglasses and Buff City Soap on long-term triple net leases.
Hiram, Ga. — Colliers International has brokered the $8.3 million sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram, roughly 26 miles northwest of downtown Atlanta. Scott Israel and Joe Montgomery of Colliers represented the seller, The Ardent Cos., in the disposition of the property to an undisclosed private investor. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses.
Roswell, Ga. — Armada Hoffler Properties Inc. plans to break ground in the fourth quarter on Southern Post, a 260,000-square-foot mixed-use development in downtown Roswell, roughly 22 miles north of Atlanta. Construction is slated for initial completion in summer 2023. The development cost for the project is expected to be approximately $110 million. Located at 1023 Alpharetta St., Southern Post will include 128 apartments, nine townhomes, 95,000 square feet of creative loft office space, 40,000 square feet of retail space and 600 parking spaces with a parking deck. Belux Coffee, …
Marcus & Millichap Arranges $9 Million Sale of Food Lion-Anchored Center in Southwest Georgia
Albany, Ga. — Marcus & Millichap has arranged the $9 million sale of Cross Station Shopping Center, a 166,593-square-foot, Food Lion-anchored property located in Albany. David Gant and Lori Schneider of Marcus & Millichap represented the seller and the buyer, both undisclosed limited liability companies, in the transaction. John Leonard of Marcus & Millichap assisted in the closing. Located at 2800 Old Dawson Road, the center was 88.2 percent occupied at the time of sale by tenants including UPS, Ross Dress For Less, Beall’s Outlet, JOANN Fabric and Crafts, Plato’s …
Atlanta — JLL Capital Markets has arranged a construction loan for Phase I of High Street, a $2 billion, 36-acre mixed-use project located along Perimeter Center Parkway in Atlanta. Ed Coco and Matt Casey of JLL secured the financing through Bank OZK on behalf of the developer, GID Development Group. At full build-out, the development will feature 150,000 square feet of retail and restaurants, 600 luxury multifamily units and 90,000 square feet of office space. GID will break ground on Phase I of the project this year with completion scheduled …
Lawrenceville, Ga. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. Tenants at the property include Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a private investor, purchased the property.
Suwanee, Ga. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in the Atlanta suburb of Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally-based group of private investors. A McDonough, Georgia-based individual investor acquired the property for $5.1 million. Built in 2019, the center was fully leased at the time of sale to seven tenants including Verizon Wireless and ATI Physical Therapy.
Augusta, Ga. — JLL Capital Markets has arranged the $18.6 million sale of Crane Creek, a 58,249-square-foot neighborhood retail center located in Augusta. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller, a partnership between Mirabeland Investments and Concordia Properties, in the disposition of the property to Medipower Overseas. Greg Gaughan and Hunter Goldberg, also of JLL, secured acquisition financing through Ameris Bank on behalf of the buyer. Sprouts Farmers Market anchors the center, which was 96 percent leased at the time of sale to tenants including …