JLL closes Barrett Pavilion in Atlanta
ATLANTA, January 7, 2020 – JLL announced today that it has closed the sale of and arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail power center with repositioning opportunities in the northeast suburbs of Atlanta, Georgia.
JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp. The property was purchased by a partnership between Lincoln Property Company and Stockbridge. Additionally, working on behalf of the new owner, JLL placed the four-year floating-rate loan with one one-year option with Prime Finance.
Barrett Pavilion is situated on approximately 55 acres at the intersection of Ernest W. Barrett Parkway, Cobb Place Boulevard and Cobb Place Lane, adjacent to Interstate 75 with 215,000 vehicles per day. The center is less than two miles from Kennesaw State University, which has an enrollment of more than 35,000 students. The property is surrounded by an affluent, dense population that includes 176,821 residents earning an average annual household income of $94,490 living within a five-mile radius, and the population within one mile is expected to grow 1.55% annually over the next five years compared to the national rate of 0.83%. Barrett Pavilion is anchored by national tenants, including AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI. Additionally, the center is shadow anchored by Target.
The JLL Capital Markets team representing the seller was led by Managing Director Margaret Caldwell, now with Stan Johnson Company, and Vice President Margaret Jones.
“Barrett Pavilion received a significant amount of interest from institutional investors, developers and private investors.” Caldwell said. “Investors were drawn by the strong demographics, opportunities to reposition the asset and add other commercial uses along with the solid cash flow from strong national tenants.”
The JLL Capital Markets debt placement team included Senior Vice President Tarik Bateh and Associate Jennifer Swanson.
“Despite perceptions around headline risk to retail in general and power centers in particular, debt capital remains selectively available for well-conceived business plans in strong locations,” Bateh added. “Both banks and debt funds expressed significant interest, and, ultimately, Prime Finance distinguished themselves via a highly flexible, customized solution dovetailing with Lincoln’s business plan.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $130 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, Nuveen provides access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 600 employees located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit nuveen.com/realestate.
About SITE Centers
SITE Centers is an owner and manager of open-air shopping centers that provide a highly compelling shopping experience and merchandise mix for retail partners and consumers. The company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the company is available at sitecenters.com.
About Lincoln Property Company
Founded in Dallas, Texas, in 1965, LPC is a full-service, vertically integrated institutional investment and property services platform with offices in the United States and Europe. Since 1965, Lincoln has acquired and developed approximately $54 billion of residential and commercial property. LPC currently manages 213 million square feet of commercial property and 190,542 multifamily residential units for over 200 separate clients worldwide. For more information, please visit lpc.com.
Stockbridge (stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in Atlanta and Chicago. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of June 30, 2019, the firm’s total assets under management totaled approximately $14.9 billion.