JLL closes sale, financing for Atlanta retail property
Cobb Place is the premier retail destination of Northwest Georgia
ATLANTA, October 31, 2019 – JLL announced today that it closed the sale of and secured acquisition financing for Cobb Place, a 335,190-square-foot premier retail destination in the suburban Atlanta community of Kennesaw, Georgia.
JLL marketed the assets on behalf of the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, working on behalf of the new owner, JLL placed the seven-year, fixed-rate acquisition loan with Goldman Sachs.
Cobb Place boasts the largest concentration of furniture and home-centric retailers in the Atlanta MSA, including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market and Hobbytown USA. Other tenants of the 95%-leased center include DSW, Jersey Mike’s, Play It Again Sports and more. Many of the property’s retailers rank first in the Atlanta district or report robust sales. Situated on 30.9 acres at 840 Ernest W. Barrett Parkway in Kennesaw, the property is northwest of downtown Atlanta within a dominant retail submarket that has a daytime population of nearly 120,000. Additionally, the center is proximate to Kennesaw State University, which has an enrollment of more than 35,000 students, and more than 60,000 residents earning an average annual household income of $87,229 live within a three-mile radius of Cobb Place.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Director Brad Buchanan.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Chip Sykes.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations and insurance companies with approximately $11 billion in assets under management as of June 30, 2019. Since DRA was founded in 1986, the firm has acquired more than $30 billion in assets across 1,600 properties, including 57 million square feet of industrial properties, 55 million square feet of office properties, 53 million square feet of retail properties and 72,000 apartments. Visit draadvisors.com for more information.
About RCG Ventures LLC
RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. Visit rcgventures.com to learn more.
About Wicker Park Capital Management LLC
Wicker Park Capital Management, L.L.C. (“WPCM”) is an entrepreneurial organization that leverages the collective investment experience, relationships and integrity of its team to source and manage real estate investments that offer compelling risk-adjusted returns for its partners. For further information, visit wpcmllc.com.