JV Sells Atlanta-Area Shopping Center for $17M

Forum Management Group purchased the 90,566-square-foot, Kroger-anchored retail asset in Flowery Branch, Ga., located roughly one hour from downtown Atlanta.
Clearwater Crossing in Flowery Branch, Ga.

A joint venture of Madison International Realty and DDR Corp. has sold Clearwater Crossing, a 90,566-square-foot shopping center located on the northeastern outskirts of Atlanta. Forum Management Group purchased the asset for $16.9 million in a transaction facilitated by JLL.

The property is located at 7424 Spout Springs Road in Flowery Branch, Ga., adjacent to Route 347. Interstates 85 and 985 are also within easy reach. The site is situated next to The Château Élan Golf Club and the Northeast Georgia Medical Center, while downtown Atlanta is roughly one hour away. The Kroger-anchored retail asset is more than 95 percent occupied and serves a population exceeding 32,000, with an average household income of $107,798.

JLL’s team handling the deal included Managing Director Margaret Caldwell and Vice President Margaret Jones. “Population growth in Atlanta has made grocery-anchored retail assets extremely attractive to investors,” said Caldwell, in a prepared statement. “Clearwater Crossing’s strategic location and strong tenancy with a Kroger made this a highly sought after offering.”

In a recent deal, DDR Corp. sold a 174,642-square-foot shopping center in Horseheads, N.Y., for $18.5 million. The property is anchored by Dick’s Sporting Goods.

Image via Google Street View