New York-based Georgetown Company has acquired two supermarket-anchored shopping centers in the Atlanta suburbs for $43 million.
The purchases of Coleman Village (pictured top) and Village Walk, located in the suburbs of Roswell and Alpharetta respectively, represent a new effort by Georgetown to invest in shopping centers in rapidly growing Sun Belt markets.
“These sorts of grocery-anchored retail centers have proven to be incredibly resilient to the impacts of both Covid-19 as well as the rise of e-commerce,” Georgetown Company managing principal Jonathan Schmerin said.
“Despite the challenges of the last year, we know that grocery stores, restaurants and in-person services like hair or nail salons will continue to do well, especially in markets with strong demographic trends. We’re actively looking for comparable opportunities in line with these purchases.”
Anchored by Kroger, the country’s largest supermarket by revenue, Coleman Village is situated on more than 12 acres at 800 Marietta Highway in Roswell. The 90,981-square-foot property is 97 percent leased and is also home to Starbucks, El Porton Mexican Restaurant, Attitude Fitness, Mavis Tire and other retailers.
Located just a few miles away in Alpharetta, Village Walk is a 100%-leased, premier, 84,309 s/f property on 11.6 acres. The retail center is anchored by Publix and home to WellStar, Papa John’s and Circle K.
The Georgetown Company is currently identifying additional retail center investment opportunities in several markets in the southeast, including Raleigh, Charlotte, Nashville, Greenville, Charleston, Tampa, Jacksonville and Miami, among others.
A JLL Capital Markets Investment Sales Advisory team led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols represented the seller of Coleman Village, Principal Global Investors. A CBRE National Retail Partners team led by Executive Vice President Chris Decoufle and Senior Vice President Kevin Hurley represented the seller of Village Walk, PGIM, Inc.