Georgia

ALPHARETTA, KENNESAW AND ROSWELL, GA. — Coro Realty and Pope & Land Enterprises have sold three shopping centers totaling 120,000 square feet in metro Atlanta in recent months. The joint venture acquired the properties as a portfolio in February 2020, purchasing them from Muntzing-Sattele. Most recently, the partnership completed the disposition of Brookside Station, a 23,500-square-foot retail center located on Old Milton Parkway in Alpharetta, a northeast suburb of Atlanta. Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the sellers in the transaction. The buyer was Last Mile Investments. In August 2022, Coro Realty and Pope & Land sold Town Center Oaks, a 52,000-square-foot shopping center in Kennesaw, roughly 30 miles northwest of Atlanta. Additionally, Mimms Enterprises acquired Mansell Oaks, a 43,000-square-foot property located in Roswell, from the partners in November 2022. Taylor represented Coro Realty and Pope & Land in all three transactions, which totaled more than $29 million. “In each sale, the sellers secured compelling cap rates and the buyers added well-located, north Atlanta centers with upside to their portfolios,” says Taylor. “It was a true win-win.”

PEACHTREE CITY, GA. — Northmarq has arranged the $3.3 million sale of Governor’s Walk, a 21,280-square-foot shopping center located at 1980 GA Highway 54 in Peachtree City. The property was fully leased at the time of sale to Car Wash, Donut Shop, Peachtree Pawn, Fresh Smoothie Café, Mary Nails, Curves, Carolina Hemp Co., Southern Crescent Spa, Peachtree Wax Studio, La Plaza R&R Inc., Flooring Store, Men’s World Barber, Rene’e Paige Salon and M&R Alterations. Jeff Enck of Northmarq represented the Florida-based seller in the transaction, as well as the California-based 1031 exchange buyer.

SAVANNAH, GA. — JLL has brokered the sales of two shopping centers located in Savannah in transactions totaling $63 million. Built in 1986, Savannah Centre comprises 186,514 square feet and was 81 percent leased at the time of sale to tenants such as T.J. Maxx, Bed Bath & Beyond, Shoe Carnival, JOANN Fabric and Crafts, Five Below, Rack Room Shoes and Chicken Salad Chick. Originally built in 1972, the 197,605-square-foot Chatham Plaza was renovated in 2001. Tenants at the center, which was 93 percent leased at the time of sale, include Ross Dress for Less, Ashley HomeStore, Pet Supermarket, Dollar Tree, Skechers, Chili’s, Longhorn Steakhouse and Starbucks Coffee. Brad Buchanan, Andrew Kahn and Andrew Michols of JLL brokered the sales on behalf of the undisclosed sellers. JBL Asset Management acquired both properties.