Grocery-Anchored Shopping Center Sold in Atlanta
- Jul 28, 2016
By Robert Demeter
Atlanta—The $17 million sale of a grocery-anchored retail center in Duluth, Ga., was recently closed on online real estate marketplace Ten-X. The 361,715-square-foot Gwinnett Prado Shopping Center, located just outside Atlanta, was sold on the company’s commercial platform, Ten-X Commercial, by an individual investor to a subsidiary of Insignia LLC.
Sam Hale of Hale Retail Group teamed with Philip Kates, Adam Sklaver and Dean Lewis of Ten-X to market and sell the asset located at 2250 and 2300 Pleasant Hill Road in Gwinnett County.
Built in 1988 on a 32-acre lot, the property consists of five one-story buildings, and is home to a 102,000-square-foot A Great Wall supermarket, Office Max, T-Mobile and more.
“The Ten-X platform offered the best avenue for this large-scale asset by providing a solution that made the most sense to the seller,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “The Ten-X valuation and marketing process helped create a sense of urgency among buyers which resulted in lots of additional interest and a higher sales price than what anyone had previously anticipated.”
Photo courtesy of Ten-X