RCG Ventures Purchases 100,002 SF Shannon Square in Atlanta
- Aug 30, 2010
August 30, 2010
By Allison Landa, News Editor
Jones Lang LaSalle has brokered the sale of Atlanta’s Shannon Square on behalf of Developers Diversified Realty Corp. Investment firm RCG Ventures purchased the 100,002-square-foot property, which is anchored by Citi Trends, Dollar Tree and Farmer’s Home Furniture.
Located along Jonesboro Road and Highway 138, Shannon Square sits seven miles south of Hartsfield-Jackson Atlanta Airport.
According to Jones Lang LaSalle managing director Kris Cooper, who helped lead the firm’s retail investment sales team on the transaction, the sale is indicative of recovery in Atlanta’s retail investment sales market.
Others might argue with Cooper, however. With retail vacancy rates near historic highs, the Atlanta market may have a long way to go before recovery is complete or even substantial. According to the Bureau of Labor Statistics, the local job market is also struggling, with a mere 12,700 jobs created in the first half of this year.