CityView Commercial Buys GA Retail Center for $45M
- Feb 27, 2019
CityView Commercial has acquired Southlake Mall, an approximately 1 million-square-foot shopping center in the Atlanta suburb of Morrow, Ga., from Vintage Real Estate.
JLL’s Capital Markets Group brokered the transaction on behalf of the seller. Published reports revealed the deal was for approximately $45.3 million. Vintage originally purchased Southlake Mall for $37.1 million in April 2014 in a foreclosure deal.
Southlake Mall is anchored by Macy’s and has a tenant roster that includes H&M, F21 Red and Chime Solutions. Recently, the mall added 91,000 square feet of mixed-use space, which has been responsible for increased foot traffic, adding to sales and revenue.
Close to Atlanta CBD
The property is located at 1000 Southlake Circle, 15 miles south of Georgia’s capital city and close to Hartsfield-Jackson Atlanta International Airport. The mall is also centrally located in a trade area that’s home to 850,000 people and sees 140,000 vehicles per day pass along I-75, the region’s major north to south highway.
“Southlake Mall has the benefit of being in a highly visible location on one of Georgia’s busiest interstates,” David Monahan, JLL’s managing director, said in a prepared statement. “The mall’s strong occupancy rates and foot traffic, in addition to Vintage’s recent renovations and remerchandising, including adding a component of office space which resulted in a significant increase in tenant sales, show that this property is an excellent addition to any portfolio.”
Joining Monahan on the deal was JLL’s Senior Vice President Cameron Pittman and Associate Akhil Patel.
Image courtesy of JLL