Area retail brokers intimate with the deal tell GlobeSt.com a comparable property in today's marketplace would have yielded at least $40 million or a minimum $52 per sf. Najco Inc. of suburban Duluth, which owns several area retail centers and Najjar Enterprises, plans an extensive renovation of the 767,740-sf, 24-year-old, 80%-leased center.
Najco Inc. expects the facelift will generate new pedestrian traffic at the mall from the city's growing population. The suburb's estimated 15,500 population has grown from about 9,400 in 1990, according to the city's research staff. The mall is located at Interstate 85 and Jonesboro Road, five miles from Hartsfield Jackson International Airport. Planned near the mall is Panattoni Development Co.'s 757,200-sf, $38-million Goodson Distribution Center.
The ownership change comes after months of industry speculation on when Cadillac Fairview would close the deal. Rich's-Macy's and Sears anchor the shopping center. Mervyn's and JCPenney are former anchors who closed their stores in 1997 and 2000 respectively, blaming slow sales activity, area retail brokers tell GlobeSt.com.
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