The Shopping Center Group Arranges Metro Atlanta Retail Sale
- Nov 18, 2016
by Evelina Croitoru
Atlanta—The Shopping Center Group (TSCG), one of the largest privately owned retail real estate advisory firms in the U.S., has announced the sale of Duluth Highway Shops, a newly built, unanchored retail center located near the intersection of two of Gwinnett County’s main commercial corridors in Lawrenceville, Ga. The property traded for $7.9 million, being acquired by a private West Coast investor from seller NLA Lawrenceville Inc.
“This reinforces the strength of this submarket in this densely-developed retail node, as well as the center’s superior location rooted in the heart of an upper-middle-income pocket in Atlanta’s northeast region,” Neal Pringle, director of investment sales and finance with The Shopping Center Group, said in a prepared statement.
According to Pringle, the newly acquired asset is located on roughly 8 acres near the intersection of State Route 120 and Lawrenceville Suwanee Road. The center’s tenant roster includes Jason’s Deli, Pacific Dental Services, Willy’s Mexicana Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi.
“This highly developed, million-plus square-foot retail corridor serves the daily needs of the high-density, affluent population that has infused Lawrenceville and all of Gwinnett County over the past two decades,” Pringle adds.
During construction, Pringle teamed up with the late Mark Cooley, partner of The Shopping Center Group, to secure the buyer. TSCG also secured construction and equity financing in addition to the sale.
Image courtesy of The Shopping Center Group