ATLANTA—In one of the first retail trades of 2011, Summit Point Shopping Center has a new owner. Concordia Properties sold the 104,572-square-foot Publix-anchored shopping center to Thompson National Properties for an undisclosed amount.
Jones Lang LaSalle managing directors Kris Cooper and Margaret Caldwell led the JLL team on the transaction. Summit Point is located in Fayette County on Georgia Highway 85, approximately 12 miles south of the world’s busiest airport, Hartsfield-Jackson Atlanta International Airport, and just south of Atlanta’s CBD.
Caldwell tells GlobeSt.com the seller is a merchant builder that needs equity for new developments. She sees that as a sign of an improving market that developers are beginning to build new shopping centers.
“This is prime investment opportunity for Thompson to buy a stable, Publix-anchored center in Atlanta that has some leasing upside, in a submarket with expected future growth,” Caldwell says. “The property is well positioned to flourish going forward because of these traits.”
Caldwell is bullish about retail investment in Atlanta this year. Retail continues to improve with holiday sales exceeding projections. What’s more, she notes, consumer confidence as measured by the Conference Board has witnessed strong increases in the past two months.
“These trends are positive for retail investment sales nationwide, and will hold true in Atlanta,” Caldwell says. “While core grocery anchored retail properties will always be in demand in Atlanta, with the continuing improvement in these base fundamentals, we look for a more robust investment sales market to emerge in 2012 in the non-grocery anchored market as well.”
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