Grocery-anchored retail asset in the Atlanta MSA closes
JLL Capital Markets closed the sale of the 301,711-square-foot Lakeland Plaza in Cumming, Georgia
ATLANTA, June 5, 2023 – JLL Capital Markets announced today that it has closed the sale of Lakeland Plaza, a 301,711-square-foot, grocery-anchored retail asset located within the Atlanta MSA in Cumming, Georgia.
JLL worked on behalf of the sellers, and Octave Holdings and Investments acquired the asset.
Lakeland Plaza is a super-regional, grocery-anchored retail center located in Cumming, an established and affluent submarket of the Atlanta MSA. The property is strategically located along GA-400, Atlanta’s primary north south thoroughfare that connects all of the city’s major office markets, and is proximate to multiple economic drivers, including Lake Lanier (11M+ annual visitors) and Northside Hospital, which just underwent a $40M+ expansion. Additionally, there is a robust multi-housing construction pipeline in the immediate area.
Built in 1990 and renovated in 2015, the property features a diverse line-up of anchor tenants, including Sprouts Farmers Market, Belk, Bealls Outlet, La Fitness, Joann and Shoe Gallery and offered investors upside via leasing, mark-to-mark opportunities and long-term redevelopment potential. The center is 94 percent occupied and features a Weighted Average Tenure of over 12 years.
The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn.
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 recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Octave Holdings
Octave Holdings and Investments, LLC is a privately held real estate investment company that owns, operates, and manages, a portfolio of over 45 commercial real estate assets in thirteen states valued at approximately $600 million.
Octave’s mission is to create an extraordinary investment experience leveraging our proven real estate strategies, our intuitive and dynamic investor portal, alongside our unparalleled customer experience.
Octave and its affiliates seek to deliver above average returns to their stakeholders by implementing a disciplined investment strategy, developing and maintaining strategic partnerships throughout the commercial real estate industry, and maintaining an alignment of interests with investors.