Single-tenant retail building in growing Atlanta area sells for $24.5M
JLL Capital Markets closed the sale of the retail building in Fayetteville’s popular Fayette Pavilion retail center
ORLANDO, Oct. 5, 2022 – JLL Capital Markets announced today that it has closed the $24.5 million sale of a 216,251-square-foot, single-tenant retail building leased to a global discount department and grocery store tenant within Fayette Pavilion in the Atlanta-area community of Fayetteville, Georgia.
The investment-grade and industry-leading tenant has occupied the building since 1996 and recently executed an early 10-year renewal, while initiating substantial renovations in 2020 to add a health services component to meet the needs of Fayetteville’s growing population and uptick in customer volume. The store welcomes 2.1 million visitors annually and is part of Fayette Pavilion, a top 1% most-visited center in the U.S.
This high-performing store is situated at 125 Pavilion Pkwy., and the population within 15 miles is anticipated to increase an additional 6.1% before 2026, eventually housing nearly 815,000 residents. The property is located within five miles of Town at Trilith, a 235-acre mixed use development that includes 1,400 residences and is also directly connected to the world’s second busiest airport in under 25 minutes.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Director Michael Brewster, Senior Director Whitaker Leonhardt and Senior Managing Director Jim Hamilton.
“We’re talking about the largest retailer in the world. That sort of fame gives way for fierce competition to own a piece of their real estate—from both private investors and public REIT’s,” Brewster said. “Add to that a southeast location in an extremely dominant shopping center, down the street from where Marvel Studios is making the next blockbuster at Trilith…this was a special offering.”
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 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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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 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.