Savannah retail center with The Fresh Market anchor sells to new investor
JLL Capital Markets closed the sale of the grocery-anchored retail center with a strong roster of mostly national and regional tenants
ATLANTA, April 4, 2022 – JLL Capital Markets announced today that it has closed the sale of Abercorn Walk, a 69,396-square-foot retail center anchored by The Fresh Market and home to an impressive roster of high-performing tenants in Savannah, Georgia.
JLL marketed the property on behalf of the seller. GBT Realty Corporation purchased the asset.
Abercorn Walk is anchored by The Fresh Market, with the remainder of the tenancy comprising a nationally recognized line-up, including Ethan Allen, Soma Intimates, White House Black Market, Chicos, Nadeau, Joseph A. Bank, J. Jill, Talbots, StretchLab and Cycle Bar.
The property is located at 5525 Abercorn St. and surrounded by major economic drivers such as Hunter Army Airfield and Savannah Medical Artis District. Located in the Oglethorpe/Abercorn Retail Corridor, Abercorn Walk boasts one of the two specialty grocers in the entire submarket, allowing the center to serve an extended trade area that includes 81,040 residents within a three-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Andrew Michols.
“Abercorn Walk is a high-performing, grocery-anchored asset with near term value-add potential and a strategic location in the robust Savannah MSA,” Hamilton said. “Strong grocer sales have continued to drive the global pursuit of yield into the grocery-anchored sector, creating some of the deepest and diverse buyer pools we have seen to date.”
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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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GBT Realty Corporation
GBT Realty relentlessly pursues opportunistic, smart real estate deals that fortify relationships and build value for its partners. Under the leadership of George B. Tomlin, this over-qualified, curated team fuels every real estate project ensuring that speed continues to win.