Hawthorne, N.Y.-based GDC Properties Inc. has acquired a portfolio of six shopping centers throughout the Atlanta metro area from Watkins Retail Group, an area shopping center developer.
The total value of the portfolio was not disclosed.
The shopping centers in the portfolio are anchored by Publix Super Markets, a chain that holds a dominant share of the Southeast grocery market category, according to a press statement. All six centers were well-occupied at the time of sale, including two at 100 percent, and are located in affluent or up-and-coming suburban areas. They feature long-term leases with Publix and are in locations that offer excellent visibility and curb appeal.
The six shopping centers include:
- Dacula Village, 76,326 square feet of building area, 96 percent occupied and tenanted by Blockbuster, Subway, Great Clips, State Farm Insurance and others. The anchor tenant, Publix, has a remaining lease term of 17 years.
- Towler Village, 7,000 square feet of leased space, approximately a mile from its sister center, Dacula Village, and currently tenanted by Papa John’s Pizza and Green Tea Chinese Restaurant.
- Flynn Crossing, 95,002 square feet of leased space in one of North Atlanta’s most affluent neighborhoods. The Publix has a remaining 19-year lease term. Other stores in the retail center include Best Nutrition, Great Clips, Cingular Wireless and the Academy for Math & English.
- McDonough West, 80,998 square feet of leased space located in Atlanta’s fastest growing county. The center is 93 percent leased, with national and regional tenants that include Dollar Tree, Nextel and Merle Norman Cosmetics. Anchor tenant Publix has a remaining lease term of 16 years.
- Peachtree East, 147,802 square feet of leased space in the heart of Atlanta’s premier master planned community. The center is 100 percent occupied and the Publix anchor is surrounded by such national retailers as Radio Shack, Nextel, Quiznos and SteinMart. The remaining lease term for Publix is 10 years.
- Stockbridge Lakes, 78,605 square feet of leased space in Atlanta’s fastest growing county, as is the McDonough West center. The Publix anchor has 18 years remaining on its lease term and is joined by such other retail tenants as Mo Better Chicken, Great Clips and China House.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
