January 10, 2019
ATLANTA – Transwestern’s Atlanta Investment Services Group today announces it has been exclusively retained to market and sell Atlanta’s newest shopping center redevelopment project at 1599 and 1605 Memorial Drive. The property, dubbed The Atlantic Shopping Center, is anchored by Floor & Decor and totals 105,650 square feet.
Transwestern Managing Director Jon Kleinberg and Vice President Fred Victor will provide disposition services on behalf of Paces Properties, one of the most active development companies in the market and the firm behind Krog Street Market and the highly anticipated Atlanta Dairies project.
“At 80 percent occupancy, based on the 15-year Floor & Decor lease, The Atlantic represents an ideal combination of existing long-term cash flow with an opportunity to drive value by leasing up the remaining inline and outparcel space, capitalizing on the growth in one of Atlanta’s most vibrant retail corridors,” said Kleinberg.
Situated on 10 acres, The Atlantic benefits from unprecedented regional connectivity with multiple points of ingress and egress and high visibility from Interstate 20 and Memorial Drive. The property features a vacant 1,650-square-foot outparcel and 20,000 square feet of inline space adjacent to the 84,000-square-foot Floor & Decor space. Additionally, the property’s entitlement allows for a 5,000 square foot outparcel pad to be developed. Its urban infill location is surrounded by Atlanta’s most rapidly transforming and densely populated neighborhoods of Kirkwood, Decatur, and East Atlanta.
“Following the sale of The Atlantic, Paces Properties plans to redeploy proceeds from the sale into other development projects in the immediate area, reflecting the seller’s commitment to the submarket,” said Victor. “The initial investor interest in this opportunity validates Memorial Drive as one of Atlanta’s hottest retail corridors.”
According to market research, Atlanta’s retail sector has seen continuous growth in third quarter 2018, recently recording another decline in vacancy to 6.5 percent. Demand remains strong with positive year-to-date absorption at 1.1 million square feet.
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