In $17M Deal, Forum Management Acquires Clearwater Crossing
“Population growth in Atlanta has made grocery-anchored retail assets extremely attractive to investors,” says JLL's Margaret Caldwell.
ATLANTA, GA—Clearwater Crossing, a 90,566-square-foot shopping center owned by a joint venture between Madison International Realty and DDR Corp., has traded to Forum Management Group for $16.85 million in a sale brokered by Jones Lang LaSalle.
The center is more than 95-percent occupied and anchored by a high-performing Kroger on Atlanta’s attractive north side in a growing and affluent submarket.
JLL’s managing director, Margaret Caldwell and vice president Margaret Jones led the transaction.
“Population growth in Atlanta has made grocery-anchored retail assets extremely attractive to investors,” said Caldwell. “Clearwater Crossing’s strategic location and strong tenancy with a Kroger made this a highly sought after offering.”
The property captures shoppers from the wealthiest parts of Hall County, one of the top 50 fastest growing metros in the U.S., which is growing by 2.5 percent annually. It is situated in an expansive trade area, with a population of exceeding 32,000 and an average household income of $107,798. Additionally, the limited competition within the traditional three-mile radius attracts shoppers from a long distance due to the connectivity provided by Friendship Road, Spout Springs Road and Thompson Mill Road.