Faring acquires core retail property in Atlanta’s dynamic West Midtown area for $28.6M
JLL Capital Markets closed the sale of 17th and Northside in one of the Southeast’s fastest-growing submarkets
ATLANTA, Jan. 18, 2022 – JLL Capital Markets announced today that it has closed the $28.6 million sale of 17th and Northside, a fully leased, core, infill, 32,817-square-foot retail property in West Midtown Atlanta, one of the most dynamic and highly sought-after submarkets in the entire Southeast.
JLL marketed the property on behalf of the seller, The Ardent Companies. Southern California-based Faring purchased the asset.
“We have long loved Atlanta’s fundamentals and Midtown’s growth story, so we are very excited to add 17th and Northside to our portfolio” said Faring’s CEO, Jason Illoulian. “We want to have a presence here and are looking to further invest in the area.”
Faring won the $28.6 million deal with an offer at full ask and a short due diligence period, adding to its fast-growing, nationwide net lease portfolio consisting of healthcare, retail and fast-casual drive-thrus.
17th and Northside is positioned at 1299 Northside Drive NW at the highly trafficked pin corner of 17th Street and Northside Dr., where it is visible to the more than 60,000 vehicles that pass by each day. The property also is strategically positioned between Westside Provisions, the Interlock and Atlantic Station, three of the most notable and visited, mixed-use developments in the Atlanta MSA.
The property is 100 percent leased to best-in-class retailers such as Chipotle, Dunkin’ Donuts, McAlister’s Deli, Hollywood Feed, SunTrust and more. The tenants serve a daytime population of more than 140,000 people, and the asset is near notable employers, including Georgia Tech University, which is home to over 36,000 students.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Associate Andrew Kahn.
“17th and Northside is an iconic, generational asset located in the rapidly growing West Midtown area of Atlanta with a best-in-class, curated tenant mix,” Buchanan said. “The property received significant investor interest from a variety of different capital sources, due to the quality of the underlying real estate and its close proximity to economic drivers such as Midtown Atlanta and Georgia Tech.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Ardent Companies
Ardent is a privately held real estate firm focused on opportunistic and diversified equity and debt fund investment strategies across all real estate asset classes. With significant industry experience and a $3 billion investment track record, Ardent leverages its established relationships and capital flexibility to attain a diverse set of risk-adjusted investments across the United States and western Europe. The firm seeks opportunities with an innovative and disciplined approach, making material co-investments alongside operating partners for maximum alignment. As the firm continues to build upon its infrastructure, portfolio, and footprint, Ardent is committed to creating a positive impact on its employees, investors and communities.
Based in West Hollywood, California, Faring manages projects spanning multifamily, office, retail, hotel, medical office, and self storage properties. Faring is fully integrated and highly diversified with deep experience in development, acquisitions, construction management and finance. For further inquiries, please contact firstname.lastname@example.org.