Grocery-anchored retail center in the Atlanta MSA closes
JLL Capital Markets arranged the sale of the 68,271-square-foot Bethesda Walk in Lawrenceville, Georgia
ATLANTA, March. 29, 2023 – JLL Capital Markets announced today that it has closed the sale of Bethesda Walk, a 68,271-square-foot, grocery-anchored retail center located within the Atlanta MSA in Lawrenceville, Georgia.
JLL represented the seller, Unison Realty Partners. A joint venture affiliated with ShopOne Centers REIT acquired the asset.
Built in 2003 and renovated in 2012, the 98-percent-occupied Bethesda Walk is anchored by a top national grocer, which has over 10 years of operating history and commenced a full store renovation in January 2023. Additional tenants include Pro Cleaners, Marrowy Salon, Bethesda Walk Dental, Modern Nails, Wingstop, Subway and Metro by T-Mobile. The center boasts a weighted average tenure of over 11 years.
Situated at 3059 Lawrenceville Hwy, the center is approximately 20 miles from downtown Atlanta and benefits from a population of over 240,000 within five miles of the property. The location offers connectivity to the region’s major economic drivers via Interstate 85 and GA State Route 316. The center is also within five miles of 4,200 proposed and under-construction multi-family units, and an estimated $400 million expansion of Northside Hospital Gwinnett, demonstrating the highly active development pipeline within the area.
The JLL team that represented the seller was led by Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton, Associate Andrew Kahn and Production Coordinator Anton Serafini.
“Bethesda Walk is a well-established neighborhood center in a growing part of the Atlanta MSA and received significant interest from a diverse mix of capital sources as high-quality, grocery-anchored centers remain in extremely high demand with investors,” said Buchanan.
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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Unison Realty Partners
Unison Realty Partners is a private real estate owner and operator that focuses on acquiring shopping centers and more recently, multi-family properties in neighborhoods the compliment the retail centers that Unison targets. Since inception in 2010, the firm has acquired approximately $300 million of shopping center and multi-family properties, totaling over 2.1 million square feet. In the retail space, Unison implements a core-plus and value-add investment strategy, targeting necessity-based, neighborhood and community shopping centers representing $5 to $75 million in value. For multi-family, Unison targets properties 15 to 100 units in middle-class areas with solid growth trends and a history of proven performance. Learn more at www.unisonrealtypartners.com.
About ShopOne Centers REIT
ShopOne Centers is a fully integrated investment, management and operating platform focused exclusively on designing and executing strategies in U.S. grocery-anchored neighborhood shopping centers through joint venture partnerships with institutional investor clients. The Company’s retail centers are located in established trade areas and are supported by a diverse mix of non-discretionary, value-oriented and grocery retailers. ShopOne is committed to maximizing the value of its portfolio by capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing redevelopment opportunities. To learn more about ShopOne, please visit ShopOne.com.