Atlanta-Area Retail Center Trades for $82M
Serota Properties has acquired the 100%-leased, 465,993-SF, Conyers Crossroads in Conyers, GA from a joint-venture partnership.
ATLANTA, GA – Real estate developer Serota Properties has acquired a 465,993-square-foot, retail destination center in the Atlanta suburb of Conyers, GA for $82 million.
The firm purchased the super-regional asset from a joint-venture between Hendon Properties and Harbert Management Corp.
The 100% leased asset, Conyers Crossroads, is anchored by national tenants, including Kohl’s, Belk, AMC, T.J.Maxx, Best Buy, HomeGoods, Michaels, Old Navy, Five Below and Shoe Carnival. The property’s occupancy rate has averaged 97% during the past 10 years.
Conyers Crossroads serves as one of Georgia’s most visited retail centers, with an average 3.7 million annual visitors.
Located at 1454 Dogwood Dr. SE, Conyers Crossroads spans 47.3 acres of land. The shopping center is situated 20 miles from downtown Atlanta, near Interstate 20.
The property was completed in two phases between 2000 and 2005.
JLL marketed the property on behalf of the seller and closed the sale. The firm’s retail capital markets investment sales and advisory team was led by senior managing director Jim Hamilton, managing director Brad Buchanan and associate Taylor Callaway.
“Investor interest was very strong for Conyers Crossroads, given the exceptional tenant performance, super-regional drawing power and prime location adjacent to Interstate 20 with direct connectivity to downtown Atlanta,” states Hamilton. “There continues to be a record amount of capital pursuing retail investments due to the yield premium compared to other asset classes, which is a theme that has carried over from 2021.”