Atlanta Shopping Center Commands $64M
Shaked Acquisitions has purchased Cobb Place, a 335,190-square-foot retail center in Kennesaw, Ga., for $63.5 million. Wicker Park Capital Management sold the asset, in a transaction brokered by JLL Capital Markets.
Wicker Park acquired the shopping center for $53.5 million back in 2019, according to CommercialEdge data. The property became subject to a $40 million loan originated by Goldman Sachs.
Completed in 1986, the super-regional shopping center comprises two buildings situated on a 31-acre property. The property’s tenants have an average tenure that exceeds 17 years.
Ashley HomeStore, American Signature Furniture, DSW, World Market, Hobby Town, Bassett Furniture, Natuzzi and BrandsMart anchor the property. Cobb Place also features a diverse mix of retailers including Petland, Korean BBQ, Metro PCs, Weight Watchers and Wing Factory, among others.
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Located at 840 Ernest W. Barrett Parkway, the shopping center is within Atlanta’s Marietta – Kennesaw submarket. Cobb Place is situated along Interstate 75, one of Georgia’s busiest corridors, and is the state’s second most visited retail area. It is near Kennesaw State University, Cobb County International Airport and Dobbins Air Force Base.
Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Director Andrew Kahn and Analyst Anton Serafini led JLL’s Investment and Sales Advisory team working on behalf of the seller.
The same JLL team has recently brokered the sale of Northlake Square, a 82,578-square-foot retail center in Tucker, Ga. Barnhart Guess sold the ALDI-anchored property to Greenberg Gibbons for $17.3 million.
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