Kroger-anchored retail center near Atlanta trades for $12.7M
JLL Capital Markets closed the sale of Crowe’s Crossing in Stone Mountain, Georgia
ATLANTA, Jan. 12, 2022 – JLL Capital Markets announced today that it has closed the $12.7 million sale of Crowe’s Crossing, a 93,728-square-foot, Kroger-anchored retail center in the Atlanta-area community of Stone Mountain, Georgia.
JLL marketed the property on behalf of the seller, an affiliate of Hackney Real Estate Partners. First National Realty Partners purchased the asset.
Crowe’s Crossing is anchored by Kroger, the largest supermarket chain in Georgia and the U.S. The 97-percent-leased retail center is also home to a diversified and synergistic mix of national and regional tenants, including MetroPCS, Papa John’s, Rice China, City Gear, Rainbow Apparel, City Fix & Grits and more.
Situated on 13.3 acres at 1232 S. Hairston Rd., Crowe’s Crossing is along S. Hairston Road near the intersection of Redan Road and visible to more than 48,400 vehicles a day. The property is in Stone Mountain, a suburb 10 miles northeast of downtown Atlanta, and has limited grocery competition. The property serves a dense population that includes 90,695 residents earning an average annual household income of $64,557 living within a three-mile radius.
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 Taylor Callaway.
“Crowe’s Crossing is a high-performing Kroger anchored retail center with over 35+ years of operating history,” Buchanan said. “The property received significant interest from a variety of capital sources, which is a continuation of the robust investor demand our team has seen for high-quality grocery-anchored centers throughout the Southeast.”
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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About JLL
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 First National Realty Partners
First National Realty Partners (FNRP) is a rapidly growing commercial real estate private equity firm that owns and operates real estate throughout the United States. FNRP focuses on expanding its portfolio by acquiring market-dominant, well-located commercial assets well below replacement cost. Being vertically integrated, FNRP actively manages its portfolio through an in-house team of full-time real estate professionals focused on acquisitions, property/asset management, leasing, finance, accounting and investor relations.