Metro Atlanta Retail Center Changes Ownership
- Nov 01, 2019
A fund sponsored by Wicker Park Capital Management has purchased Cobb Place, a 335,190-square-foot shopping center in Kennesaw, Ga. The seller was a partnership between DRA Advisors LLC and RCG Ventures LLC. JLL negotiated the deal on behalf of the seller and secured the seven-year, fixed-rate acquisition loan with Goldman Sachs for the buyer. According to Cobb County records, the property previously traded in 2015 for $46.5 million.
The shopping center sits on 31 acres at 840 Ernest W. Barrett Parkway, in the Town Center area of Kennesaw. The property is 23.5 miles northwest of downtown Atlanta, close to interstates 75 and 575. The surrounding area has a daytime population of nearly 120,000. Additionally, more than 60,000 residents, with an average household income of more than $87,000, live within a 3-mile radius of Cobb Place.
Cobb Place is currently 95 percent leased to a tenant roster that includes DSW, Jersey Mike’s, Play It Again Sports and many others. The shopping center also has the largest concentration of furniture and home-centric retailers in the Atlanta metro area, featuring Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market and Hobbytown USA.
JLL Senior Managing Director Jim Hamilton and Director Brad Buchanan led the Capital Markets team representing the seller in the deal. Managing Director Chip Sykes’ team secured the acquisition financing for the buyer.
RCG Ventures recently sold another metro Atlanta retail asset. Big V Properties acquired the 235,318-square-foot property for $17 million.