ATLANTA—Conyers Crossroads, a 465,993-square-foot retail center in Conyers, GA, has a new owner. JP Morgan Asset Management sold the retail asset to Hendon Properties and its joint venture partner Harbert United States Real Estate Fund V (HUSREF V). Financial terms of the deal were not disclosed.

HFF managing directors Richard Reid and Jim Hamilton and real estate analysts Mike Allison and Pete Anastasi worked on the disposition. HFF director Chip Sykes placed the loan for the buyer through a global commercial and investment bank.

“Conyers Crossroads attracted a significant amount of investor interest due to the property's dominant anchor tenant line up, scale, interstate visibility and access and upside potential,” says Reid. Conyers Crossroads sits north of Interstate 20 at 1454 Dogwood Drive Southeast. That's less than 25 miles east of Downtown Atlanta. 

Completed in two phases in 2000 and 2005, the center is 86% occupied. Tenants include Kohl's, Carmike Cinemas, Belk, TJ Maxx , Michaels, Old Navy, Pier 1 Imports, and Shoe Carnival.

Neither J.P. Morgan nor Hendon could immediately be reached for comment. However, a statement on Hendon's site says the joint venture plans to invest an additional $2.5 million to upgrade and lease the vacant space at the property.

“With a fundamental recovery and improving demand in the retail real estate market, the joint venture plans to stabilize the property by leasing nearly 65,000 square feet of available space,” the firm says. “The acquisition is the first joint venture between the Harbert Management Corp. US real estate team and Hendon Properties, which seek well-located properties with value-add upside through focused operational management.”