Sale of retail center in affluent Atlanta submarket closes
JLL Capital Markets arranged the sale of the 53,559-square-foot Merchant’s Festival in Atlanta’s Prestigious East Cobb Submarket
ATLANTA, Jun. 22, 2023 – JLL Capital Markets announced today that it has closed the sale of Merchant’s Festival, a 53,559-square-foot retail center located within the Atlanta MSA in Marietta, Georgia.
JLL represented the seller, a real estate fund advised by Crow Holdings Capital, and Last Mile Investments acquired the asset.
Merchant’s Festival was 85% leased at the time of sale to a mix of restaurant, medical, health and wellness, salon and service-oriented tenants. Notable tenants include Which Wich, Leslie’s Swimming Pool Supplies, Verizon, Orange Theory Fitness, Pearle Vision Express and Learning Express Gifts, along with a dominant Target shadow-anchor. The center features a WALT of 5.4 years with 65% of income derived from national and regional tenants.
Situated at 1401 Johnson Ferry Rd., Merchant’s Festival is located in the heart of Atlanta’s highly affluent and sought-after East Cobb submarket, with an average household income of approximately $200,000 and 2.6 million square feet of retail inventory within two miles of the property. The property benefits from robust traffic counts along Roswell and Johnson Ferry Road, totaling 75,500 VPD and providing access to Atlanta’s major Midtown, Buckhead and Central Perimeter submarkets.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Production Coordinator Anton Serafini.
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
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.
About Last Mile Investments
Last Mile Investments (“LMI”) is a real estate investment manager that is 100% focused on the retail real estate sector, with two goals, to continually produce top risk-adjusted returns for our Investors and foster a long-term partnership as a result. As an executive team, LMI has over 55 years of total real estate experience, with 45 of those focused solely on retail investing, leasing/operations, and strategic finance within best-in-class companies. For more information, please visit https://lastmileinvestments.com/