ATLANTA AND LEXINGTON, KY. — Real estate investment firm Lubert-Adler Partners has sold two suburban shopping centers in the Southeast for a combined $336 million. One center is located just outside Atlanta and the other is in Lexington.
AEW acquired Forum Peachtree Parkway, a 500,000-square-foot shopping center in Norcross, Ga., for $150 million. Forum at 5151 Peachtree Parkway opened in 2002. It is leased to tenants including Trader Joe’s, HomeGoods, Ann Taylor, Barnes & Noble, J. Crew, Williams-Sonoma, Pottery Barn, Old Navy and Banana Republic.
Starwood Capital acquired the majority of space at Hamburg Pavilion, a shopping center in Lexington with more than 1 million square feet of retail space, for $186 million.
Hamburg Pavilion, which opened in 2000, is located on 105 acres along Interstate 75. Tenants include Kohl’s, Marshalls, Dick’s Sporting Goods, PetSmart, DSW, Big Lots and Ross Dress for Less. Inline tenants, including nine restaurants, occupy the remaining space.
Thomas Enterprises of Newnan, Georgia developed both centers. Lubert-Adler made equity and debt investments in both centers in 2008.
Lubert-Adler was co-founded in 1997 by Ira Lubert and Dean Adler. The Philadelphia-based firm has invested $6.5 billion of equity into assets valued at more than $16 billion.
— Haisten Willis