Edgewood Retail District Trades for $81.65 million

ATLANTA-Edgewood Retail District has traded for $81.65 million. An affiliate of Toronto-based North American Development Group acquired the regional shopping center, which is located at the intersection of Moreland Avenue and Caroline Street.

Casey Rosen and Chris Decoufle of CB Richard Ellis' National Retail Investment Group Florida and Atlanta teams exclusively represented the seller. The seller was an affiliate of the Greensboro, NC-based Bell Partners.

A 531,287-square-foot, in-fill trophy shopping center, Edgewood Retail District is located two miles east of downtown Atlanta. It is the primary shopping destination for residents of east Atlanta’s highly desirable historic in-town neighborhoods.

“As with many trades of this caliber, the seller had strategic reasons for entering the marketplace,” Decoufle tells GlobeSt.com, noting that the asset is one of the top three open air retail centers in the Atlanta MSA. “This is certainly the dominant in-town core property. It includes both a grocery component and an element of power center and high street retail. This is a unique asset that was highly coveted.”

Decoufle declined to disclose how many offers the property saw. Edgewood Retail District is 99% occupied and is anchored by Target, Lowes Home Improvement, Kroger Supermarket, Best Buy, Bed Bath & Beyond and Ross Dress for Less. A variety of other national and regional complementary merchants and restaurants are also tenants.

Decoufle says retail transactions are ticking up in the Atlanta market. He described the current environment as “light switch" pricing.

“If you’ve got a strong asset you’ve got remarkable pricing,” Decoufle says. “If you have a C asset you have very different pricing. That’s the market. At the moment we have about 10 grocery-anchored centers under contract, so that’s a pretty strong level of activity.”