Firm secured financing, full tenant line-up and buyer before build-out complete.
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 Duluth Highway Shops, a 17,500-square foot unanchored retail center near the intersection of two of Gwinnett County’s major commercial corridors. During construction, Neal Pringle, CCIM, partner, director of investment sales and finance, and the late Mark Cooley, partner, of The Shopping Center Group secured the buyer, a private West Coast investor. The asset was acquired for $7.85 million from NLA Lawrenceville, Inc.on Oct. 14.
“Duluth Highway Shops represented a rare opportunity to pre-purchase a new significantly leased property with regional and national retail, services and fast-casual dining tenants, while construction was still active,” explains Pringle.“This reinforces the strength of this submarket in this densely-developed retail node, as well as the center’s superior location rooted in the heart of an upper-middle-income pocket in Atlanta’s northeast region.”
Located on nearly eight acres adjacent to the intersection of State Route 120 and Lawrenceville Suwanee Road, the retail center includes Jason’s Deli, Pacific Dental Services, Willy’s Mexicana Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi.
“This highly developed, million-plus square-foot retail corridor serves the daily needs of the high-density, affluent population that has infused Lawrenceville and all of Gwinnett County over the past two decades,” Pringle adds.
TSCG also secured construction and equity financing in addition to the sale.
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.
