ATLANTA—Lovejoy Village, an 84,711-square-foot, grocery-anchored retail center in Jonesboro, GA, has traded hands. Principal Real Estate Investors sold it to Phillips Edison-ARC Shopping Center REIT.
HFF marketed represented the seller. HFF managing directors Richard Reid and Jim Hamilton led the charge. The asset sold for $9.35 million free and clear of debt.
“Lovejoy Village was highly sought after by retail investors due to the grocers strong performance, newly renovated store and strategic location within the Atlanta MSA,” Hamilton tells GlobeSt.com. “The offering was highly contested amongst numerous institutional and private investors.”
Located at 10375 US Highway 41 about 20 miles south of Downtown Atlanta, Lovejoy was strategic enough to make it on to Phillips’sradar screen. Lovejoy Village was completed in 2001. The retail asset is 88% leased to tenants including Kroger.
Phillips has been making a lot of market moves lately. Philips Edison & Company just sold Lilburn Corners to BDB Realty for $11.2 million. The 105,161-square-foot, grocery-anchored retail center is located in Lilburn, GA.
The REIT also bought Fairview Plaza in Pennsylvania for $12.5 million just days ago, just after buying Southwest Marketplace in Las Vegas for $30.4 million. In May, Philips added 17 centers to its portfolio. The firm reached its 100th center in early May.