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Sterling Group has acquired a 102,864-square-foot grocery-anchored purchasing middle, previously referred to as Cherokee Plaza, in Atlanta.
Sterling acquired the asset at 3871-3895 Peachtree Street NE on behalf of its stabilized grocery-anchored purchasing middle fund, Sterling United Properties II LP (SUP II). Market at Buckhead is the 14th property within the $267 million fairness fund.
The middle is anchored by an 81,718-square-foot Kroger grocery retailer and can also be dwelling to Starbucks, Jersey Mike’s Subs and Salon Lofts. The demographics of the encircling are sound. The inhabitants base inside a 3-mile radius is about 146,000 residents, with a mean family earnings of greater than $175,000.
READ ALSO: Navigating the Retail Financing Panorama
In a ready assertion, Jordan Fried, principal of Sterling Group, known as Market at Buckhead a trophy asset, primarily based on a primary location “with very sturdy underlying property fundamentals” and being “absolutely leased to a lineup of tenants providing necessity items and providers….”
Retail resurgence
Regardless of financial uncertainty, inhabitants development is fueling metro Atlanta’s retail area market, particularly for necessity retailers, in response to a second-quarter report from Marcus & Millichap.
Constant internet absorption above deliveries has pushed emptiness to a file low of 4.1 p.c. Additional, building is lagging, which helps to drive double-digit lease will increase.
Although funding exercise has been slowed by the tighter lending market, Marcus & Millichap says, “spectacular fundamentals are proving participating to plenty of buyers. In current weeks, many properties are promoting at or close to the preliminary asking value, suggesting that purchaser/vendor expectations are falling more and more in line.”
This previous January, Department Properties acquired a 14-acre web site in Gainesville, Ga., within the Atlanta suburbs, to develop Limestone Market, an roughly 76,800-square-foot undertaking anchored by a 55,000-square-foot Publix Tremendous Market.
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