Highly marketable centers feature services, amenities and dining fit for active family lifestyles.
The Shopping Center Group, one of the largest privately owned, retail real estate advisory firms in the United States, with offices coast-to-coast, announces the sale of two family lifestyle and sports-centric retail and services centers located in north metro Atlanta. Acquiring nearly 107,000 square feet of total leasing space, Vishal Dacula, LLC purchased Dacula Family Festival for $5.9 million and Midway Family Festival for $3.45 million. Neal Pringle, CCIM, partner, director of investment sales and finance, and the late Mark Cooley, partner, ofThe Shopping Center Group represented the seller, Watkins Real Estate Group, in both transactions that closed on Aug. 10.
“These centers offer an investor a unique opportunity to own shopping centers that truly revolve around the life of a family – particularly an active family involved in all sorts of athletics,” explained Neal Pringle, The Shopping Center Group. “Not only are they well-positioned within these communities, both assets feature tenants that provide needed amenities from healthcare and grooming to entertainment – the centers really serve a vital community role.”
Fully leased, Midway Family Festival features recreational and lifestyle tenants that appeal tothe entire family. The center was constructed in 2009 and totals 62,410 square feet on 7.63 acres along Post Road in Cumming, the county seat of Forsyth County. Current tenants include Pepperoni’s Pizza, Vickery Animal Hospital, 7 Tequilas Mexican Restaurant, Johns Creek Orthodontics, Eye Level Learning Center,Saturia Nails, VO2 Personal Training, Oh My Froyo, Dentistry for Children, World Championship Taekwondo, Blue Fin Sushi & Thai Grill and Monkey Joe’s. In addition to the adjacent Midway Park, recreational amenities include a baseball field operated by Jason Holbrook, swimming facilities operated by Swim Atlanta and The Warehouse, a young adult ministry.
Constructed in 2008,Dacula Family Festival totals more than 54,000 square feet of retail spaceon 5.8 acres along Auburn Road in Dacula, Ga., a city in north metro Atlanta’s Gwinnett County. Current tenants include TEBO Dentistry for Kids, Belle Nails, Taekwondo, Green Tea Restaurant and Little Caesars in two shop buildings. Kids Up Indoor Playground + Party Center, Swim Atlanta and Jack City Sports occupy three additional buildings. In addition to an indoor swimming pool operated by Swim Atlanta, Dacula Family Festival also features a 200-foot baseball field, indoor pitching mounds and batting cages, a full-size basketball court and an indoor flag football arena operated by Jack’s City Sports Center.Two new tenants, Mathnasium and Fit Body Boot Camp are slated to open in late 2016. An additional10,875 square feet is ideal for additional fitness- and health-oriented family services and fast casual restaurants.
The Shopping Center Group represents institutional and private owners of retail real estate throughout the eastern United States and Southern California in their efforts to maximize the return on investment from the sale of their property utilizing a comprehensive sales effort.
About The Shopping Center Group
Founded in 1984, The Shopping Center Group, with 20 offices covering 16 states, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm delivers "best in class" service in tenant representation and surplus disposition, project leasing, property management and construction supervision, investment advisory services, capital markets and location analytics to retailers, landlords, developers, investors and financial institutions throughout the Eastern United States and California. In 2015, The Shopping Center Group facilitated over 1,500 transactions totaling over $2 billion. The firm’s third-party portfolio includes exclusive leasing assignments for over 800 retail centers totaling over 60 million square feet and management agreements for over 11 million square feet of retail property. The firm also represents over 400 national and regional retailer and restaurant operators. For more information, visit theshoppingcentergroup.com.
