Avison Young Brokers $35 Million Sale of a 307,500 Square Foot Shopping Four Center Portfolio in Georgia6 Feb 2018
Retail centers anchored by major tenants including Publix and Planet Fitness
ATLANTA, Feb. 6, 2018 – The Atlanta office of Avison Young has closed on the $35 Million sale of a retail portfolio consisting of three Publix-anchored shopping centers and one Planet Fitness-anchored shopping center totaling 307,500 square feet in metro Atlanta. The Publix-anchored properties include Dacula Village (69,300 sq. ft.) in Dacula, Ga.; Publix at Mt. Zion (79,000 sq. ft.) in Morrow, Ga.; and Stockbridge Lakes (78,600 sq. ft.) in Stockbridge, Ga. The Planet Fitness-anchored property, McDonough West (80,700 sq. ft.), is located in McDonough, Ga.
Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young represented the seller, Ginsburg Development Companies, in the transaction with Harbour Retail Partners, a Georgia-based real estate fund.
“The centers offered strong demographics in above-average growth markets with robust anchor store sales,” said Theresa Johnson, Avison Young SVP Retail Investment Sales. “The portfolio has been historically well-leased and has required minimal maintenance and improvements given the quality construction.”
The four retail assets had a combined 92.5 percent occupancy at the time of the sale. Retail Planning Corporation will handle the portfolio’s leasing and management.
The Avison Young Atlanta team is supported by a full-service office that includes sales, marketing, leasing, property management and research teams.