Greenberg Gibbons Buys Atlanta Shopping Center
Greenberg Gibbons has purchased Northlake Square, a 82,578-square-foot retail center in Tucker, Ga., for $17.3 million. Barnhart Guess sold the asset, in a transaction brokered by JLL. Mutual of Omaha Insurance Co. provided a $10.8 million loan for the acquisition, according to CommercialEdge data.
Completed in 1988 at 4135 Lavista Road, Northlake Square encompasses two one-story buildings on some 6 acres. The grocery-anchored retail center has an average tenure of nearly 20 years.
Anchored by ALDI, Best Buy and Mellow Mushroom, the property has a diverse mix of retailers such as Great Clips, The Georgia Clinic, Wings 101, Fast Signs, My Beauty Unlimited and Lucky Key, among others. The retail center was 98 percent leased at the time of sale.
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Located some 13 miles from downtown Atlanta, Northlake Square is near Interstate 285, in an area where the daily traffic count reaches approximately 200,000 vehicles, according to JLL. The shopping center serves more than 300,000 individuals within a 5-mile radius.
JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Director Andrew Kahn led the Capital Markets Investment and Sales Advisory team which worked on behalf of the seller.
Strong investment across Atlanta’s retail market
Greater Atlanta’s retail market saw strong investment activity this year. More than 8 million square feet of retail space changed hands in the metro for approximately $1.55 billion, according to CommercialEdge data.
The largest deal closed in February, when 5Rivers CRE acquired Fayette Pavilion, Georgia’s largest open-air retail center, for $134 million. Nuveen Real Estate sold the 1.1 million-square-foot asset.
In June, Big V Property Group and Equity Street Capital purchased Johns Creek Town Center, a 303,297-square-foot community shopping center in Suwanee, Ga., from SITE Centers. The transaction marked Big V’s fifth and its largest acquisition in the state.
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