Publix-anchored retail center in fast-growing market of Atlanta MSA sells for $30M
JLL Capital Markets closed the sale of the 81,077-square-foot Matt Town Center in Cumming, Georgia
ATLANTA, Dec. 21, 2023 – JLL Capital Markets announced today that it has closed the $30 million sale of Matt Town Center, an 81,077-square-foot retail center located in Atlanta’s fast-growing submarket of Cumming Georgia.
JLL represented the seller in this transaction, Retail Planning Corporation, and Publix acquired the asset.
Matt Town Center is 95% occupied and anchored by a high-performing Publix along with an array of nationally recognized retailers including Domino’s, Great Clips, North Shore Dry Cleaners, Grand Nails, Sage Dental, Reveille Café Restaurants, Dunkin Donuts, The UPS Store, EasyVet and Zaxby’s. The offering also included ~3.87 acres of undeveloped land adjacent to the center that is currently zoned CBD - Commercial Business Zoning District, which allows commercial retail and office by right.
Built in 2020, Matt Town Center is located at 5310 Matt Hwy., less than one hour from downtown Atlanta. The center is close to demand drivers, including the mixed-use communities of Avalon, Halcyon and the future Coal Mountain Crossroads, as well as downtown Alpharetta, downtown Roswell, and Lake Lanier. Additionally, Matt Town Center benefits from a population of almost 200,000 and an average household income of nearly $150,000 within a 10-mile radius.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President 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 sales and 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 Retail Planning Corporation
Retail Planning Corporation was founded in 1988, specializing in grocery anchored shopping center development with an emphasis on Kroger and Publix. Through the years, RPC has evolved into a fully integrated real estate company providing both ground-up development services, redevelopment of existing real estate, construction management, as well as a sought after full-service third-party leasing and management team. The company is one of the largest management companies in the Southeast in this specialized asset category, with 60 shopping centers totaling over 5.5 million square feet of retail, valued at $1 billion dollars.
About Publix
Publix is the largest employee-owned company in the U.S. and is consistently recognized by Fortune as a great place to work. Publix's dedication to superior quality and customer service is recognized among the top in the grocery business.
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.