Jamestown Acquires Georgia Retail Portfolio for $55M
Michael Tucker email@example.com
Jamestown, Atlanta, purchased two adjacent shopping centers in Sandy Springs, Ga., from Mimms Enterprises, Roswell, Ga.
Jamestown purchased the portfolio free and clear of existing debt for $54.8 million.
The portfolio included The Exchange at Hammond, a 176,400-square-foot property fully leased to tenants including Whole Foods Market and Office Depot; and Parkside Shops, which houses The Cinema Springs & Taphouse, Jump Start Gym and Chipotle Mexican Grill in its 158,400 square feet.
Holliday Fenoglio Fowler marketed the properties for seller Mimms Enterprises. The investment advisory team included Senior Managing Director Jim Hamilton, Directors Brad Buchanan and Michael Allison and Associate Shea Petrick.
The retail centers occupy 25 contiguous acres at the Roswell Road-Hammond Drive intersection, which sees more than 70,000 vehicles per day. The affluent Buckhead community is three miles away, with midtown and downtownAtlanta eight and 10 miles away, respectively. There are 86,120 residents with a $145,000 average annual household income within three miles of the centers.
The population within five miles of the portfolio has grown 28 percent since 2000. More than 1,300 new apartment units recently delivered or under construction within a half mile of the property.
Mercedes-Benz recently opened a $93 million, 225,000-square-foot headquarters a half-mile north of the property.
Current zoning allows for multifamily and mixed-use purposes if Jamestown decides to re-develop either property.