Atlanta-Area Retail Portfolio Trades for $35M
- Feb 09, 2018
Harbour Retail Partners has acquired a four-property retail portfolio in the Atlanta area through one of its investment vehicles. Ginsburg Development Cos. sold the Publix- and Goodwill-anchored shopping centers for $35 million. A team of brokers from Avison Young’s Atlanta office represented the seller.
The portfolio totals 307,000 square feet across Gwinnett, Henry and Clayton counties. At the time of the transaction, the assets had a combined occupancy rate of 92.5 percent. New ownership retained Retail Planning Corp. to handle leasing and management.
The four retail centers are:
Dacula Village, at 710-720 Dacula Road in Dacula, Ga. This Publix-anchored property has a total of 69,326 square feet and benefits from an annual average daily traffic of about 34,900 vehicles on Highway 36, according to Retail Planning Corp.’s website. Average household income within a three-mile radius is almost $95,000. Other tenants at Dacula Village include Top Beauty Supply (4,800 square feet), Anytime Fitness (4,780 square feet) and Taekwondo Academy (2,800 square feet). The property is fully occupied.
McDonough West, located at 250 Jonesboro Road in McDonough, Ga., features two large tenants. Planet Fitness occupies 21,673 square feet, while Goodwill has a lease for 30,000 square feet of the total 80,773. Jonesboro Road sees an annual average daily traffic count of 24,950 vehicles. The average household income within a three-mile radius is about $66,000. McDonough West retail center has three vacant spaces available, of 2,800, 1,625 and 2,100 square feet.
Stockbridge Lakes, at 250 E. Atlanta Road in Stockbridge, Ga. The 78,605-square-foot retail center is also anchored by Publix, and sees an annual average daily traffic count of more than 26,000 vehicles on North Henry Boulevard. Retail Planning Corp.’s website reports that the average household income within a three-mile radius is at almost $60,000. Stockbridge Lakes has eight spaces available for potential tenants, totaling 16,800 square feet.
Mt. Zion is situated at 2035 Mt. Zion Road in Morrow, Ga., where the annualized average daily traffic count is at almost 21,000 vehicles. Of the total 78,522 square feet, only 5,100 are vacant. Publix occupies the most space, with a 55,999-square-foot lease, while other tenants include T-Nails (2,800 square feet), Dr. Laura Davis (2,800 square feet) and Dry Cleaners & Alterations (1,500 square feet). Retail Planning Corp.’s website reports an average household income of roughly $50,000 within three miles of the shopping center.
Image courtesy of Avison Young