Local Investor Snaps Up Kroger-Anchored Asset
- Oct 20, 2015
By Balazs Szekely, Associate Editor
Royal Lakes Marketplace of Oakwood, Ga. changed hands recently, as announced by HFF. Preferred Apartment Communities purchased the 119,493-square-foot, Kroger-anchored neighborhood shopping center through is retail subsidiary, New Market Properties LLC.
Royal Lakes Marketplace is located on a 20.7-acre site at the intersection of Sloan Mill Road and the Winder Highway section of Georgia State Route 53. The lot is adjacent to the Royal Lakes Golf and Country Club, less than 50 miles from downtown Atlanta due to its convenient accessibility from Interstates 85 and 985. The property reached completion in 2008 and built a strong tenant base since then. It is now anchored by Kroger, which has a strong remaining lease term and is ranked by the Shelby Report as Atlanta’s No. 1 neighborhood grocer.
HFF marketed the property on behalf of the seller, Madison Retail LLC— a local mixed-use & retail development company that specializes in power centers, mixed-use and retail properties throughout the Southeast. The team representing Madison Retail in the transaction was led by Senior Managing Directors Jim Hamilton and Richard Reid of HFF’s Atlanta office.
Photo credit: Madison Retail LLC