Atlanta’s Englewood Retail District Sells for $82M
In a move that will bolster the Atlanta retail scene, an affiliate of North American Development Group has paid $81.7 million for the Edgewood Retail District, a regional shopping center at the intersection of Moreland Avenue and Caroline Street in the city’s Edgewood neighborhood two miles east of downtown Atlanta. The deal was facilitated by CB Richard Ellis’ National Retail Investment Group, which represented the seller, North Carolina-based Bell Partners, Inc.
Calling the shopping center “best in class,” Chris Decoufle of CBRE described the development as “pursued by a variety of capital sources.” The Retail District features 531,287 square feet of shopping and is 99 percent leased. It is anchored by Target, Kroger and Best Buy.
A report by CBRE released in August showed a strong uptick in market activity during the summer. Nina Kampler, head of CBRE’s urban retail group in the Americas, said that “with tightened availability in the best locations, asking rents either stabilized or rose and tenants have been willing to pay top money for the prime spaces.”
Further, a report by Jones Lang LaSalle sees increased activity for chain-store growth, stating that “retail sales continue to be bifurcated; both luxury retailers and discounters — particularly wholesalers — are expected to do well in the coming months.”
The site is surrounded by the East Atlanta, Edgewood, Candler Park and Inman Park neighborhoods, all densely populated of the city. A population of approximately 133,000 with average household incomes of $58,000 resides within three miles of the development.