Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $9.125 million sale of Lovejoy Village, an 84,711-square-foot, dominant neighborhood shopping center anchored by Kroger in the Atlanta-area community of Jonesboro, Georgia.
The HFF team marketed the property on behalf of the seller, Phillips Edison & Company, Inc. Glen Una Properties, Inc. purchased the asset.
Lovejoy Village was constructed in 2001 and is currently the only neighborhood center within a three-mile radius. The 98-percent-leased shopping center is anchored by the No. 1 grocer in Georgia, Kroger, which includes its own fuel station, providing long-term income security for the owner. It is home to a variety of national and regional tenants, including the Kroger anchor and Kroger Fuel station, Workout Anytime, Marco’s Pizza, Jersey Mike’s Subs and Young Smiles Dentistry. The property is situated on 10.4 acres on the “going home” side of U.S. Highway 41, which has more than 51,000 vehicles pass by the property each day and is in the submarket’s main retail node. Lovejoy Village is proximate to Atlanta’s primary economic driver, Hartsfield-Jackson International Airport, and is strategically located only 22 miles south of downtown Atlanta in a healthy submarket consisting of nearly 1.2 million square feet of retail that is 95 percent leased within a three-mile radius.
The HFF investment advisory team representing the seller included senior managing director Jim Hamilton, directors Brad Buchanan and Mike Allison and analyst Andrew Kahn.
About Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc., an internally-managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically-integrated operating platform, the company manages a portfolio of 339 shopping centers, including 304 wholly-owned centers comprising approximately 34.4 million square feet across 32 states (as of November 16, 2018). PECO has generated strong operating results over its 27+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and the Northwestern Mutual Life Insurance Company. The company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time.
About Glen Una Properties, Inc.
Glen Una Management Company, Inc is a private real estate investment company that owns or controls commercial, industrial and retail property in multiple states. This acquisition adds to the company’s existing ownership presence in the Atlanta MSA. The company boasts a strong team of professionals with many years of industry experience.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
