PMAT Offloads GA Retail Property
- May 04, 2018
PMAT Cos. has sold Cherokee Commons, a shopping center north of Atlanta, to Collett Capital. PMAT previously picked up the 103,711-square-foot building in 2015 for $7.1 million from C-III Capital Partners, which had in turn acquired the asset out of a foreclosure action a year earlier, according to Cherokee County records. Collett purchased the grocery-anchored retail asset free and clear of existing debt. HFF marketed the 89 percent-leased property on behalf of the seller.
Following PMAT’s acquisition, the firm renovated Cherokee Commons, replacing the roof and upgrading the parking lot and facade. A 66,918-square-foot Kroger grocery store anchors the asset. Several local and regional tenants—including a laundromat, a pet supply store and a dental practice—fill many of the smaller units, ranging in size from 888 to 4,800 square feet.
Located at 6199 Highway 92 in Acworth, Ga., the building is within three miles of both interstates 75 and 575, enabling access to downtown Atlanta approximately 30 miles away. The property is exposed to an estimated 46,000 vehicles per day and sits in a bustling retail corridor, home to a wide assortment of shopping and dining options.
Senior Managing Director Jim Hamilton, Directors Brad Buchanan and Michael Allison and Real Estate Analyst Ryan Stoffer were all part of the HFF team that arranged the sale.
Image via Google Street View