Nuveen Real Estate Sells Retail Building Near Atlanta
Private investor buys single-tenant building for $24.5M
Nuveen Real Estate sold a 216,251-square-foot, single-tenant retail building to a private investor for $24.5 million. The space is leased to a global discount department and grocery store tenant within Fayette Pavilion in the Atlanta-area community of Fayetteville, Georgia.
The investment-grade and industry-leading tenant has occupied the building since 1996 and recently executed an early 10-year renewal, while initiating substantial renovations in 2020 to add a health services component to meet the needs of Fayetteville’s growing population and uptick in customer volume. The store welcomes 2.1 million visitors annually and is part of Fayette Pavilion.
The store is situated at 125 Pavilion Pkwy., which is located within five miles of Town at Trilith, a 235-acre mixed use development that includes 1,400 residences and is 25 minutes away from the Hartsfield-Jackson Atlanta International Airport.
JLL Retail Capital Markets marketed the property on behalf of the seller. The team that represented the seller was led by Director Michael Brewster, Senior Director Whitaker Leonhardt and Senior Managing Director Jim Hamilton.